IMF agrees to increase funding program for Egypt to $8 billion ...Egypt

Prime Minister Mostafa Madbouly announced that Egypt signed an agreement on Wednesday with the International Monetary Fund (IMF) to increase the value of the country’s funding from three billion to eight billion dollars. An agreement was also settled with IMF experts regarding the first and second reviews under the IMF’s Extended Fund Facility (EFF), following efforts by the government that included a sharp devaluation of the currency and an increase in interest rates. The move comes hours after the Central Bank of Egypt (CBE) allowed the pound to devalue for the first time in more than 14 months against the US dollar, following the surprise move to raise interest rates by 600 basis points o

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