[HIGHLIGHTS] Indicator: The business sector in Egypt did not benefit from the IMF agreement

Egypt signed an agreement with the IMF on March 6 to increase the financing package scheduled for December 2022 to $8 billion from the original $3 billion. Egypt devalued its currency and raised interest rates by 600 basis points in conjunction with the Fund’s agreement.

The expanded agreement came in response to the shocks to which the Egyptian economy was exposed from the crisis in Gaza. The Standard & Poor's Global Purchasing Managers' Index in Egypt rose to 47.6 points in March from 47.1 points last February, but it remained below the 50-point threshold that separates growth from contraction.