Egypt and the Fund are in the “final stage” of negotiations to increase the loan program. The pound continues to decline against the dollar, as it has lost about 50% of its value since 2022.
Two weeks ago, Bloomberg reported that Egypt was approaching an agreement with the International Monetary Fund to expand the rescue program, which currently amounts to $3 billion, to $6 billion. Yesterday, the Monetary Policy Committee of the Central Bank of Egypt decided to raise key interest rates by 200 basis points.