IMF Boosts Egypt Bailout to $8B Amid Economic Struggles

• IMF confirms increasing Egypt's bailout loan from $3B to $8B to support economy and address foreign currency shortage & high inflation • Egypt agreed to IMF reform plan including floating currency, reducing public investment, and growing private sector • External shocks like Ukraine war, supply chain issues, lower Suez Canal revenues negatively impacting growth and inflation • Annual inflation rate was 36% in February but expected to ease over time • Egypt also signed $8B aid package with EU over 3 years, with $1.1B to be fast-tracked to quickly provide funds