Egypt’s net foreign reserves rise to $44.14 billion at end-May

Egypt’s net foreign reserves surged to $44.139 billion at the end of May from $44.029 billion at the end of April, the central bank announced Monday.

Egypt’s foreign reserves have been climbing since it secured a $12 billion, three-year International Monetary Fund loan programme in November 2016 as part of efforts to woo foreign investors and revive its ailing economy.

Since then, the surge in reserves was coupled with growth in Egypt’s external debt, as the country borrowed from international bond markets, friendly nations and international financial institutions. Officials have pointed to the rebound in tourism revenue, remittances from Egyptians abroad and a decline in the trade deficit to signal that economic reforms are bearing fruit.