IMF approves deal with Egypt for $3 billion support package

Sumary of IMF approves deal with Egypt for $3 billion support package:

  • The deal announced Friday known as an extended Fund Facility Arrangement is expected to cover a period of 46 months and will give the Egyptian government immediate access to about $347 million, which will help the debt-ridden economy nation bolster its balance of payments and budget, the IMF said.
  • According to the IMF, the package will introduce wide-sweeping economic reforms, including a ’’durable shift to a flexible exchange rate regime″ and a ’’monetary policy aimed at gradually reducing inflation″ .
  • The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine, events that have played destruction with global markets and hiked grease and food prices worldwide.
  • Egypt is the world largest wheat importer, most of which came from Russia and Ukraine.

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