IMF backs $3.1 billion loan for Egypt

Conditions include locking in the floating exchange rate

Central Bank of Egypt
Central Bank of Egypt

The International Monetary Fund executive board approved a 46-month loan for Egypt, totalling more than $3.1 billion, on December 16. The fund will immediately disburse almost $347 million.

As part of the loan conditions, Egypt has committed to “a permanent shift to a flexible exchange rate regime to increase resilience against external shocks and to rebuild external buffers”.

Egypt announced it would float the pound at the end of October. The country has faced high inflation and diminishing

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