Egypt has reportedly reached a preliminary agreement with the International Monetary Fund (IMF) for a revised loan, as per a government official who spoke to Al-Arabiya and Al-Hadath channels on Wednesday. The agreement involves an immediate devaluation of the Egyptian pound and an expansion of the financing program from $3 billion to $7 billion or more, along with an extension of its duration. The official emphasized that a crucial aspect of the agreement is the prompt devaluation of the Egyptian pound, aiming to reduce the gap between the official and parallel market rates against the dollar.
