Egypt and IMF agree on $1.6B funding
The International Monetary Fund has reached a preliminary agreement with Egypt to disburse $1.6 billion, pending approval from the Executive Board. This follows an assessment of the economic reform program, which includes reducing the role of the state and expanding the tax base. Egypt is currently facing debt crisis risks and is benefiting from a assistance program worth $8 billion, along with an additional support of $2 billion. Despite this, inflation rates have risen to 14.6% in May and are expected to reach 15.8% by the end of the fiscal year.
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