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.
