BREAKING NEWS

Egypt, IMF sign $8 billion loan deal

The International Monetary Fund (IMF) approved on Wednesday a much-awaited $8 billion dollar loan to Egypt, increased from $3 billion previously.

The deal was signed after the Egyptian pound weakened to a record low of 49 pounds to the dollar, from about 30.85 pounds, with a more flexible exchange rate being a key demand of the IMF support program.