IMF confirms increasing Egypt's bailout loan to $8 billion

Egyptians walk past an exchange office in Cairo, Egypt, Wednesday, March 6, 2024. The Egyptian pound slipped sharply against the dollar on Wednesday after the Central Bank of Egypt raised its main interest rate and said it would allow the currency’s exchange rate to be set by market forces.

Egypt has already floated the pound and sharply increased the main interest rate. Commercial banks are now trading the U.S. currency at more than 47 pounds, up from about 31 pounds. The measures are meant to combatby years of government austerity, the coronavirus pandemic, the fallout from Russia’s full-scale invasion of Ukraine, and most recently,have slashed Suez Canal revenues, which is a major source for foreign currency.

The annual inflation rate was 36% in February, but is expected to ease over the medium term, the IMF said.

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Pakistan and IMF reach preliminary deal to release $1.1 billion from bailout fund, IMF saysPakistan and the International Monetary Fund have reached a preliminary agreement for the release of $1.1 billion from a $3 billion bailout following dayslong talks in Islamabad. Officials said Pakistan will receive the final tranche from the bailout that was approved by the IMF in July to save the nation from defaulting on its debt repayments.
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