Annual consumer price inflation in Egyptian cities accelerated to 32.7% in May from 30.6% in April. The value of the Egyptian currency has halved since March 2022 after the fallout from the Russian-Ukrainian war.
The government reached an agreement with the International Monetary Fund in December for a $3 billion financial support package. The International Islamic Trade Finance Corporation approved $700 million in financing for Egypt this week to buy grain imports. This comes as part of a financing agreement dating back to 2018 between Egypt and IDA that was renewed last year.