The International Monetary Fund (IMF) has approved the immediate disbursement of $820 million to the Egyptian government, marking the first two installments of a $3 billion aid program initiated in late 2022.
Amid inflation and currency devaluation, the Central Bank of Egypt hiked interest rates significantly, affecting the Egyptian pound © Mena Today
The International Monetary Fund (IMF) has approved the immediate disbursement of $820 million to the Egyptian government, marking the first two installments of a $3 billion aid program initiated in late 2022.
This long-awaited financial support comes as Egypt faces escalating economic difficulties, with the IMF also endorsing an additional $5 billion increase early this month, raising the total funds loaned to Egypt to $8 billion.
Despite meeting most program milestones, Egypt fell short on foreign reserve levels.
Amid inflation and currency devaluation, the Central Bank of Egypt hiked interest rates significantly, affecting the Egyptian pound and living standards.
Despite these challenges, the IMF forecasts positive growth and inflation reduction for Egypt by 2024/25.
Spain's Ceuta, still reeling from a rush of 72,000 migrants arriving on its shores in one week, is seeking the transfer of hundreds of unaccompanied minors still in the enclave to mainland Spain, local leaders said on Wednesday.
Libyan police said inmates staged a mass escape from a jail on Tuesday while armed clashes erupted nearby in two cities west of the capital Tripoli.
Spanish authorities should have anticipated the consequences of a court ruling that weakened a key deterrent against illegal migration and contributed to last week's mass crossings into the enclave of Ceuta in northern Morocco, a senior Moroccan official said on Monday.
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