Troubled governments that devalue their currencies tend to benefit from the decision, underscoring the tool’s usefulness in the face of crisis, according to the Institute of International Finance, Bloomberg reported. There’s been a pivot toward economic growth in countries just three years after authorities opt for major currency devaluations, economists Robin Brooks and Jonathan Fortun found in an analysis of the 51 largest and most-persistent episodes since 1990.
India is providing Egypt with a credit line of unspecified value, Egyptian Supply Minister Ali El-Mosilhy said, in the latest support from an ally for the North African nation’s troubled economy, Bloomberg News reported. The Middle East’s most populous nation is racing to turn around an economy that was heavily exposed to the shock waves of Russia’s invasion of Ukraine and is a major importer of wheat and other commodities. Egypt has agreed on a $3 billion deal with the International Monetary Fund, while its Gulf Arab allies have pledged billions of dollars in investment.