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The first and second reviews of Egypt's long-delayed USD 3 billion loan program are in the final sta

12/02/2024

The first and second reviews of Egypt's long-delayed USD 3 billion loan program are in the final stages and are expected to be completed "within a few weeks,"  according to the  IMF's managing director, who explained that the fund is currently preparing a "significant amount" of additional financing, "to give a dose of confidence to the Egyptian economy by strengthening the size of the support program."She stressed that the IMF's talks with Egypt relate to a flexible exchange rate, not a full float of the pound. The IMF is currently waiting for the authorities to "allow a more flexible exchange rate and fulfill other promises before delivering more money," she added, without elaborating on the nature of those promises. (Enterprise)

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