IMF-Egypt deal may catalyse $20b in foreign funds – FinMin

The new International Monetary Fund (IMF) deal is expected to catalyse a total of $20 billion in foreign support for Egypt, Bloomberg reported citing Finance Minister Mohamed Maait as saying on Thursday.
During a business event in Cairo, Minister Maait explained that the figure includes the $8 billion expanded IMF loan and $1.2 billion more from its Resilience and Sustainability Facility. The rest would come from the World Bank, European Union, Japan and the UK, he added.
Egypt and the IMF announced on Wednesday they had agreed on more than doubling the rescue programme — a culmination of recent global efforts to stabilise the economy hurt by wars and record inflation. The announcement came hours after the Central Bank of Egypt (CBE) enacted a number of key decisions, including the biggest-ever interest rate hike of 6 per cent, letting the currency float, and canceling restrictions on the use of credit cards in foreign currency transactions.