Egypt says it has reached a deal with the IMF to increase a bailout loan to $8 billion

By SAMY MAGDY
Associated Press

CAIRO (AP) — Egypt says it has reached a deal with the International Monetary Fund to increase a bailout loan to $8 billion. Prime Minister Moustafa Madbouly announced the news in televised comments on Wednesday. Egypt has for months negotiated with the IMF to increase a 3$ billion bailout loan both parties reached in 2022. Madbouly said the new deal will enable the government to receive loans from other financial institutions including the World Bank. The announcement came hours after Egypt’s Central Bank raised its main interest rate and floated the currency. The measures have been among the key demands of the IMF. They are meant to combat inflationary waves and attract foreign investment as the country experiences a staggering shortage of foreign currency.