Financial and Banking News


IMF Agreement Yields $160mn Loan for Egypt, Opens Door for Rescheduling

The International Monetary Fund (IMF) on 15 May approved an "Economic Standby Program" for Egypt which commits the country to a program of reforms aimed at reducing the government's deficit of $4.1bn, unifying exchange rates, and liberalizing domestic interest rates. In return, the IMF will lend Egypt a total of $325mn, of which $160mn is to be made...