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Al Jazeera
Al Jazeera
Business

IMF, Egypt reach deal to unlock $1.2bn to shore up strained public finances

International Monetary Fund Egypt Cairo Washington D.C.
Egypt has been grappling with double-digit inflation and foreign currency shortages [Benoit Tessier/Reuters]

The International Monetary Fund (IMF) has announced that it has reached an agreement with Egypt to unlock about $1.2bn in funds to prop up the country’s troubled finances.

The Washington, DC-based lender said on Tuesday that it reached the “staff-level agreement”, which is subject to approval by the Executive Board, after Cairo outlined steps to improve macroeconomic stability.

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