Egypt last week announced a breakthrough deal with the IMF for a much-needed $8bn bailout loan (MEES, 8 March). Cairo hopes this will help stabilize a battered economy worsened by regional turmoil (MEES, 9 February) and a severe debt crisis (MEES, 15 December 2023).

The expanded rescue package, up from the $3bn facility initially agreed in December 2022 (MEES, 23 December 2022), was only made possible after the Egyptian government showed “strong commitment to act promptly on all critical aspects of their economic reform program supported by the IMF,” according to mission lead Ivanna Vladkova Hollar. (CONTINUED - 1992 WORDS)