Egypt expects IMF deal to catalyze $20 billion in foreign funds
Egypt expects its new International Monetary Fund deal to catalyze a total of $20 billion in foreign support for the troubled economy.
The figure includes the $8 billion expanded IMF loan and $1.2 billion more from its Resilience and Sustainability Facility, Finance Minister Mohamed Maait told a business event in Cairo on Thursday.
The rest would come from the World Bank, European Union, Japan and the UK, he said.
Egypt and the IMF on Wednesday said they’d agreed to more than double the rescue program — a culmination of recent global efforts to stabilize the cash-strapped North African nation squeezed by wars and record inflation.
The announcement came hours after authorities enacted a long-awaited currency flotation and carried out Egypt’s biggest-ever interest rate hike.
