Egypt Secures IMF Deal and Foreign Investment After Economic Reforms, Though Doubts Remain

• Egyptian pound devalued, interest rates hiked, new IMF deal unlocked • $35B investment from Abu Dhabi sovereign wealth fund restored confidence • Secured expanded $8B IMF deal, plus additional financing from EU and World Bank • Egypt's default risk plunged from 50% to sub-30%; bonds rallied, stocks hit record • Doubts remain over Egypt's commitment to structural reforms, reducing state/military economic interests