EXPERT COMMENT
Egypt's strategic position in the Middle East, its political importance to the US - and proximity to rich neighbours - has allowed it to secure much-needed financial resources.
When it comes to managing a financial crisis, luck is a valuable commodity - and Egypt has plenty of it. A $35 billion investment from the UAE and a $5 billion increase in a loan from the IMF - amounting in all to 10 per cent of Egypt's $400 billion GDP - will go a very long way towards clearing the economy's dollar shortage and eliminating any near-term risk of default.
The luck that has helped Egypt secure such massive financial resources comes from its proximity to rich neighbours, its strategic position in a fragile part of the world - especially its potential role in stabilizing a post-war Gaza Strip - and its political importance to the US, a status which has allowed Egypt to become the IMF's second biggest borrower after Argentina.
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