Egypt is looking to increase its $3 billion IMF program to address its worst economic crisis in decades. The war in the neighboring Gaza Strip along with Red Sea instability have also been worsening Egypt’s economic prospects. Part of that agreement included Egypt introducing monetary policies to drop the country’s high inflation rate, which currently sits at 34%. Egypt was also expected to switch to a flexible exchange rate regime and reduce government spending. The agency reported that flotation of the Egyptian pound might be a condition on the table.

Source: The North Africa Journal February 02, 2024 15:49 UTC