Cairo - Mubasher: Egyptian Prime Minister Mostafa Madbouly announced on 6 March that Egypt has reached a final deal with the International Monetary Fund (IMF).
The deal includes a set of economic reforms required to complete the first and second reviews of the loan programme with the fund, according to the Middle East News Agency (MENA).
Egypt's new agreement with the IMF encompasses a fresh programme totalling $20 billion, an informed source disclosed to Al Qahira news website.
This package comprises $8 billion from the fund itself and an additional $2 billion contributed by the EU, the source added.
The initial deal between Egypt and the IMF, signed in December 2022, featured a $3 billion loan to be disbursed in eight instalments over four years.
Each instalment was contingent upon a comprehensive review of the economy. Although the first and second reviews were originally slated for March and September 2023, they have been consistently postponed.
Earlier today, the Central Bank of Egypt (CBE) decided in a special monetary policy meeting to raise interest rates by 6%.
The official exchange rate of the US dollar against the Egyptian pound reached a historic high, surpassing EGP 50.
