Egyptian Billionaire Sawiris Urges Egypt to Devalue Pound to Avert Economic Crisis
• Egyptian billionaire Naguib Sawiris calls for urgent devaluation of the Egyptian pound to avoid economic "disaster" • He suggests aligning official exchange rate with rising black market rate to address foreign currency shortage • Sawiris criticizes Egypt's strategy of gradual devaluations, says bolder action is required • Deferring reforms is worsening Egypt's economic crisis, according to the billionaire • Egypt seeking $3 billion IMF rescue package but further funds on hold pending currency reforms