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Saudi Arabia offered no additional particulars on the phrases of the extension, together with how lengthy. Egyptian state media haven’t commented on the announcement.
The Egyptian financial system has been hard-hit by the coronavirus pandemic and the warfare in Ukraine. Egypt is the world’s largest wheat importer, most of which got here from Russia and Ukraine. Within the fallout of the warfare in Japanese Europe, Egypt has struggled to fight surging inflation, which peaked at over 16% in October.
Egypt’s ‘‘employees degree settlement’’ with the IMF final month is ready to final for 46 months and goals to deal with Egypt’s inflation drawback and restructure its ailing financial system. The phrases of the preliminary settlement noticed Egypt’s authorities introduce a collection of quick financial reforms together with a hike in its key rates of interest and a shift in direction of a versatile trade price.
Egypt acquired a $12 billion bailout from the IMF in 2016, as President Abdel Fattah el-Sissi’s authorities launched into an bold reform program that noticed costs surge.
In recent times, regional allies Saudi Arabia and the United Arab Emirates have injected billions of {dollars} into Egypt serving to shore up its financial system battered by years of political turmoil that gripped the nation following the removing of long-time autocrat Hosni Mubarak within the 2011 revolution.
A couple of third of Egypt’s 104 million folks stay in poverty, in accordance with authorities figures.
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