Egypt Gets $12 bn Loan from IMF

2019 ias preliminary exam test series

The International Monetary Fund (IMF) Executive Board approved three-year $12 billion loan to Egypt.

Egypt reached an initial deal with the IMF on a $12 billion loan in August to help the country’s ailing economy.

The foreign currency reserves at the CBE declined since the 2011 uprising that toppled former president Hosni Mubarak from $36 billion to $19.6 billion as of the end of September 2016.

Earlier in November, the CBE announced the devaluation of the Egyptian pound by 48 per cent.

The move was meant to limit the hike and shortage of dollar, boost foreign investments and meet a key demand of the IMF to provide Egypt with the loan.

Egypt has received an initial $2.75 billion from the IMF.

Current Affairs for IAS Exam