Egypt’s decision to request a $3.2 billion stand-by facility from the IMF will not be enough to cover its external funding needs in 2012. Instead, it will need at least double that amount to avoid a balance of payments crisis. We think that the country’s decision to go back to the IMF could soon be followed by requests for other forms of funding, including perhaps a return to the World Bank which offered Egypt a total of $2.2 billion last year.
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