Ahmad 
The International Monetary Fund (IMF) has increased its bailout loan to Egypt to $8 billion, supporting Egypt’s economy, which suffers from foreign currency shortages, rising prices and economic inflation.
The board confirmed in a statement late Friday that the decision will enable Egypt to immediately obtain about $820 million as part of the recently announced deal.
Egypt reached this agreement with the International Monetary Fund with a reform plan centered on floating the local currency, reducing public investment, and strengthening the role of the private sector as an engine of growth.
Egypt’s economy has been hit hard by several factors, including government austerity and the fallout from the coronavirus pandemic, as well as regional tensions such as the conflict between Israel and Hamas in Gaza, and Yemeni attacks on shipping routes in the Red Sea.
Kristalina Georgieva, Managing Director of the International Monetary Fund, noted that Egypt “faces significant economic challenges and its management has become more complex given the repercussions of the recent conflicts in Gaza and Israel.
The unrest in the Red Sea also leads to a decline in Suez Canal revenues, which are an important source of foreign exchange inflows and fiscal revenues.
A man has been arrested in Cairo for excavating antiquities inside his home