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sun_is_ra , (edited )

They say they are ditching it but whether they will succeed is a different story.

Egypt under hefty debt that she has to pay in USD.

also Egypt’s problem is in lack of export due to significant increase in corruption, army competing with private sector, restrictions on importing raw materials required for manufacturing, among other things.

Yes, Egypt has shortage in USD but also shortage in all foreign currencies. BRICS solves absolutely nothing

Edit: spelling

yogthos OP ,
@yogthos@lemmy.ml avatar

Egypt can just default on their USD debt and then get refinanced via BRICS which solves absolutely everything.

sun_is_ra ,

After you default, chances of getting loan is very low and if you get one, the interest rate would be redicilous

yogthos OP ,
@yogthos@lemmy.ml avatar

That’s why Egypt wouldn’t be getting more loans from western banks.

geneva_convenience ,

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