International Monetary Fund Raises Loan to Egypt to USD 8 Billion
The announcement shortly follows the Central Bank of Egypt's flotation of the Egyptian pound.
The Egyptian government has reached an agreement with the International Monetary Fund (IMF) for an $8 billion loan, which is an increase from the previously agreed-upon $3 billion. The deal was signed after the IMF and the Egyptian government agreed upon a set of economic policies that would allow the government to pass the Fund's first and second rounds of review. Earlier today, the Central Bank of Egypt announced the flotation of the Egyptian pound, which means that its value will now be determined by market demand rather than a fixed rate.
