CAIRO — The executive board of the International Monetary Fund confirmed a deal with Egypt to increase its bailout loan from $3 billion to $8 billion, in a move that is meant to shore up the Arab country’s economy which is hit by a staggering shortage of foreign currency and soaring inflation.
“Egypt is facing significant macroeconomic challenges that have become more complex to manage given the spillovers from the recent conflict in Gaza and Israel. The disruptions in the Red Sea are also reducing Suez Canal receipts, which are an important source of foreign exchange inflows and fiscal revenue,” said IMF’s Managing Director Kristalina Georgieva.
Finance Minister Mohamed Maait said the confirmation by the IMF’s executive board “reflects the importance of the correcting measures” taken by the government.fast-track 1 billion euros of the package Florida's Ron DeSantis is passing bills all over the place after his failed presidential campaign. They have a common theme.