Egypt, IMF reach preliminary agreement for $3 billion loan

CAIRO (AP) — The International Monetary Fund has reached a deal with the Egyptian government, paving the way for the country to access a $3 billion loan. IMF officials on Thursday announced a “staff agreement” between the Egyptian government and IMF leaders. The 46-month deal includes a series of agreed economic policies Egypt would implement that would, in turn, allow it to access a loan of around $ 3 billion. In the hours before the announcement, Egypt’s central bank announced a series key rate increases. The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine, events that have disrupted global markets and hiked oil and food prices worldwide.