[HIGHLIGHTS] Egypt agrees with the IMF on an $8 billion loan

Egypt agrees with the IMF on an $8 billion loan. The agreement was signed after the devaluation of the Egyptian pound against the dollar.

This step comes after the Central Bank of Egypt announced, in a statement this morning, that the Monetary Policy Committee decided to raise the interest rate by 600 basis points. For his part, Egyptian Prime Minister Mostafa Madbouly said that Egypt expects to receive additional financing worth $1.2 billion from the International Monetary Fund. A banking source, who declined to be named, told Al Jazeera Net that a number of banks have begun providing dollars to importers.