Egypt, IMF Reach Initial Deal for $1.2 Billion Loan Tranche
- Egypt’s priorities include boosting revenues, according to IMF
- Pound has fallen to a record low of 51 per dollar this week
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Egypt and the International Monetary Fund reached a preliminary deal that would likely unlock a further tranche of the North African nation’s $8 billion loan.
The staff-level agreement, announced on Tuesday by the IMF, puts Egypt on track for access a disbursement of about $1.2 billion. It still needs to be signed off by the Washington-based lender’s executive board.