Egypt signs agreement with IMF to increase loan from 3 to 8 bln USD

STORY: Egypt signs agreement with IMF to increase loan from 3 to 8 bln USD SHOOTING TIME: March 6, 2024 DATELINE: March 7, 2024 LENGTH: 00:00:38 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the press conference (Courtesy of the Egyptian Cabinet) STORYLINE: Egypt signed a financing agreement on Wednesday with the International Monetary Fund (IMF) to increase an initial 3 billion U.S. dollars loan deal to 8 billion dollars, Egyptian Prime Minister Mostafa Madbouly announced at a press conference. As part of the agreement, Egypt will also receive a loan of about 1.2 billion U.S. dollars from a separate facility that promotes environmental sustainability, Madbouly said. Besides the IMF, the prime minister added that other "international partners," including the World Bank, will also provide Egypt with soft loans to support the state in achieving monetary stability through an integrated program. "Our goal during the first period of Egypt's reform program following the IMF agreement is to rationa