Standard Chartered: Egypt, IMF to reach $6 billion loan deal before end of month

Egypt is expected to reach an agreement with the International Monetary Fund (IMF) “before the end of September” for a loan worth $6 billion, Standard Chartered said on Thursday

The British bank added that Egypt will likely allow the pound currency to devalue “gradually” to minimise the inflationary shock.

It also maintained its projections for Egypt’s inflation rates at 11.6 percent for the financial year ending in June 2023, and 15 percent for the fourth quarter of 2022.