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(Bloomberg) Egypt will “bleed” precious reserves unless it devalues its currency again, the managing director of the International Monetary Fund said, as she praised other steps her institution’s second-largest borrower has taken to right its stricken economy.Most Read from BloombergAlmost Anyone Can Become the House Speaker, Except Donald TrumpOzempic Is Making People Buy Less Food, Walmart SaysThe Moral Case for No Longer Engaging With Elon Musk’s XOnly an Equities Crash Can Rescue the Bond ....
(Bloomberg) Egypt will “bleed” precious reserves unless it devalues its currency again, the managing director of the International Monetary Fund said, as she praised other steps her institution’s second-largest borrower has taken to right its stricken economy.Most Read from BloombergAlmost Anyone Can Become the House Speaker, Except Donald TrumpOnly an Equities Crash Can Rescue the Bond Market, Barclays SaysOzempic Is Making People Buy Less Food, Walmart SaysIt's Done. The Future Is Battery-P ....
(Bloomberg) The International Monetary Fund risks having to renegotiate its second multi-billion dollar loan in Latin America in as many years following Ecuador’s presidential election.The candidates who likely advanced to a runoff vote in the Andean country, Andres Arauz and Yaku Perez, have both criticized the tax increases and spending cuts required as part of a $6.5 billion loan signed with the lender last year. Their comments are reminiscent of remarks made by Argentine President Alberto Fernandez, who began talks to restructure IMF loans after sweeping to power in 2019.At more than $50 billion in total, loans to Argentina and Ecuador represent the bulk of the IMF lending in Latin America. The twin shocks of Covid-19 and a collapse in oil prices are ravaging the Andean nation of 17 million and stirring popular resentment against the Fund, whose demands have fallen afoul with millions of citizens grappling with rising unemployment and poverty.“This is a very tough m ....