Making debt payments could become almost impossible. EGYPTEgypt's finances also look stretched despite it securing a $3 billion IMF rescue plan in December. The rating agency, which downgraded Egypt's credit rating again on Friday, highlights that only default-stricken Sri Lanka would need to pay more. "It would not be immaterial if it were to default" Ross said about the impact on global money managers. "These very wealthy Gulf countries have generally enhanced financial stability in the region," via their support he added.

Source: The North Africa Journal May 11, 2023 05:12 UTC