Posted 3/6/2024, 2:39:34 PM
Egypt Secures $8 Billion IMF Loan to Stabilize Economy, Allow Currency to Float
- Egypt floated its currency and agreed to increase IMF bailout loan to $8 billion
- Measures aimed to combat high inflation and attract foreign investment
- Central Bank raised key interest rate to 27.75% and allowed Egyptian pound to float
- Economy hit hard by years of austerity, pandemic, Ukraine war, and Gaza conflict
- IMF deal paved way for increased bailout after Egypt committed to key reforms like free-floating currency
