Egypt secured a deal to more than double its IMF bailout to $8bn after the country allowed its currency to drop to a record low against the US dollar, unlocking support to avert its worst economic crisis in decades.
The fund said on Wednesday that Cairo had taken “decisive steps to move toward a credible flexible exchange rate regime” after Egypt’s central bank devalued the pound by 40 per cent and massively raised interest rates to relieve a foreign currency shortage.
Floating the currency and allowing market forces to set the value of the pound was a key condition for the heavily indebted country to access more IMF funds, following an initial $3bn bailout in 2022.
您已阅读19%（672字），剩余81%（2924字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。