Egypt secures expanded $8bn loan from IMF

Egypt secures expanded $8bn loan from IMF

Egypt will receive an expanded $8 billion loan from the International Monetary Fund (IMF) after agreeing to implement a set of reforms and policies. The country is experiencing significant macroeconomic challenges due to the impact of the Gaza conflict on tourism and lower Suez Canal receipts, the IMF said in a statement. “The authorities are […]

Egypt showing ‘strong commitment’

Extra $1.2bn loan for sustainability

Egyptian pound at record official low

Egypt will receive an expanded $8 billion loan from the International Monetary Fund (IMF) after agreeing to implement a set of reforms and policies.

The country is experiencing significant macroeconomic challenges due to the impact of the Gaza conflict on tourism and lower Suez Canal receipts, the IMF said in a statement.

“The authorities are showing strong commitment to act promptly on all critical aspects of their economic reform programme,” the IMF said, adding that the North African country has taken decisive steps to move toward a credible flexible exchange rate regime.

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The Egyptian pound plunged by 55 percent on Wednesday to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate after the Egyptian