International Monetary Fund Raises Loan to Egypt to USD 8 Billion

The International Monetary Fund (IMF) has approved an USD 8 billion loan to Egypt, increased from USD 3 billion previously, after reaching an agreement with the Egyptian government. The deal was signed after IMF and the Egyptian government settled on a number of economic policies that will allow the government to clear the Fund's first and second rounds of review.

Earlier this morning, the Central Bank of Egypt announced the flotation of the Egyptian pound, subjecting it to market demands rather than setting it at a fixed rate.