Egypt's presidential election has been faulted for having placed a rubber stamp on a new term for Abdul Fattah al-Sisi, who won in a landslide with little opposition. Nevertheless, investors are still enthusiastic buyers of the country's recovery story.
With a new infusion of IMF funding in Egypt's coffers, and another $3 billion being lined up by the Islamic Development Bank (IDB), analysts say that the country's economy is showing real signs of stability — shrugging off the effects of civil strife that frequently rears its head, and previously runaway inflation.
Investors are giving the country a second look, Egypt is primed to offer solid returns, and see an uptick in foreign direct investment despite fears of surging global interest rates.
"The IMF program has helped restore investor confidence and has allowed Egypt to make major adjustments to its economic imbalance," Denise Simon, co-head of emerging market debt with Lazard Asset Management, told CNBC recently.
In spite of lingering problems, Egypt "is beginning to reap the rewards of a painful currency devaluation and tighter fiscal policy."
A gambit made by the central bank in 2016 to lift currency controls appears to have paid off. Price pressures, while still high, have come down from a stratospheric 33 percent last July to under 12 percent, its lowest in two years.
"The risk is that policy missteps could trigger capital flight, lead to a depreciation of the Egyptian pound and a corresponding increase in import inflation, but in our view, this risk remains limited at the moment," said Ed al-Hussainy, senior interest rate and currency analyst at Columbia Threadneedle.