Egypt, IMF sign an agreement for an eight billion dollar loan

The International Monetary Fund agreed on Wednesday to a long-awaited loan for Egypt worth eight billion dollars, an increase from the previously discussed three billion dollars.

The agreement was signed after the Egyptian pound was devalued to an unprecedented low of 49 pounds to the dollar, down from around 30.85 pounds. 

Adopting a more flexible exchange rate was a key demand in the International Monetary Fund support program.

Reuters