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Where do things stand in Egypt?

It has been almost a year since Egypt reached a staff-level agreement with the IMF, but progress on key policies that form part of the program has stalled. The pound has been a de-facto peg since January. And the Fund has delayed two tranches of financing. Egyptian officials will need to act swiftly after the upcoming presidential election to get the deal back on track or risk leading the country down the path towards an even messier crisis and a possible sovereign default.

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