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Egypt expects IMF agreement to stimulate more foreign financing

Egypt expects its new agreement with the International Monetary Fund (IMF) to stimulate foreign support totaling US$20 billion for the nation’s crisis-hit economy.

Finance Minister Mohamed Maait said during a Thursday conference in Cairo that the amount includes the expanded IMF loan worth eight billion dollars, with another $1.2 billion from the Resilience and Sustainability Fund.

Maait added that the rest will come from the World Bank, the European Union, Japan and the United Kingdom.

Egypt and IMF said on Wednesday that they agreed to double the value of the rescue program, a culmination of recent global efforts to achieve stability in the North African country, which is suffering from financial distress due to wars and record inflation.

The announcement came hours after the long-awaited currency flotation and the implementation of Egypt’s largest interest rate increase ever.

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