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Egypt’s $2.8bn surplus masks trouble. How sustainable is it?

Cairo, Egypt. Photo by Thais Cordeiro @ Pexels.
Cairo, Egypt. Photo by Thais Cordeiro @ Pexels.

Justice Nwafor

Justice Nwafor is an award-winning journalist covering finance, energy, climate, and economic development across the region.
  • Egypt reverses payments deficit as capital inflows more than double to $23.2bn.
  • Rising imports, energy costs and creditor payments widen the current-account gap.

 

CAIRO, EGYPT – Egypt recorded a $2.8bn balance-of-payments surplus last fiscal year, but a widening current-account deficit exposed its continued dependence on foreign financing.

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