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IMF confirms more than doubling Egypt's bailout loan to $8 billion
[IsraelTimes] The executive board of the International Monetary Fund confirms a deal with Egypt to increase its bailout loan from $3 billion to $8 billion, in a move that is meant to shore up the Arab country’s economy which is hit by a staggering shortage of foreign currency and soaring inflation.

In a statement, the board says its decision will enable Egypt to immediately receive about $820 million as part of the deal that was announced earlier this month.

The deal was achieved after Egypt agreed with the IMF on a reform plan that is centered on floating the local currency, reducing public investment and allowing the private sector to become the engine of growth, the statement says.

Egypt has already floated the pound and sharply increased the main interest rate. Commercial banks are now trading the US currency at more than 47 pounds, up from about 31 pounds. The measures are meant to combat ballooning inflation and attract foreign investment.

The Egyptian economy has been hit hard by years of government austerity, the coronavirus (aka COVID19 or Chinese Plague)
...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...
 pandemic, the fallout from Russia’s full-scale invasion of Ukraine, and most recently, the Israel-Hamas, a contraction of the Arabic words for "frothing at the mouth", war in Gazoo
...Hellhole adjunct to Israel and Egypt's Sinai Peninsula, inhabited by Gazooks. The place was acquired in the wake of the 1967 War and then presented to Paleostinian control in 2006 by Ariel Sharon, who had entered his dotage. It is currently ruled with an iron fist by Hamaswith about the living conditions you'd expect. It periodically attacks the Hated Zionist Entity whenever Iran needs a ruckus created or the hard boyz get bored, getting thumped by the IDF in return. The ruling turbans then wave the bloody shirt and holler loudly about oppression and disproportionate response...
. The Iran's Houthi sock puppets
...a Zaidi Shia insurgent group operating in Yemen. They have also been referred to as the Believing Youth. Hussein Badreddin al-Houthi is said to be the spiritual leader of the group and most of the military leaders are his relatives. The legitimate Yemeni government has accused the them of having ties to the Iranian government. Honest they did. The group has managed to gain control over all of Saada Governorate and parts of Amran, Al Jawf and Hajjah Governorates. Its slogan is God is Great, Death to America™, Death to Israel, a curse on the Jews They like shooting off... ummm... missiles that they would have us believe they make at home in their basements. On the plus side, they did murder Ali Abdullah Saleh, which was the only way the country was ever going to be rid of him...
 attacks on shipping routes in the Red Sea have slashed Suez Canal revenues, which is a major source for foreign currency. The attacks forced traffic away from the canal and around the tip of Africa.
Posted by: trailing wife 2024-03-31
http://www.rantburg.com/poparticle.php?ID=695422