CAIRO – Egypt secured an expanded $8 billion deal on Wednesday with the International Monetary Fund , hours after the central bank unshackled its currency and delivered a 600 basis points rate hike in a push to stabilise the economy.
President Abdel Fattah al-Sisi let the Egyptian pound plunge in value in a bid to restore economic stability to the most populous Arab state with the help of billions of dollars of Gulf investment inflows. Egypt's central bank said it had hiked interest rates by 600 basis points and would let the pound trade freely.
The announcement on Feb 23 that Emirati sovereign fund ADQ will invest $35 billion within two months in the development of a new city on Egypt's north coast and other projects eased pressure on the Egyptian pound on the black market.The Egyptian government says $10 billion of that money has already been transferred. "We got $35 billion – can you please reduce the price of diapers?" said a post on X.
ہم نے اس خبر کا خلاصہ کیا ہے تاکہ آپ اسے جلدی سے پڑھ سکیں۔ اگر آپ خبر میں دلچسپی رکھتے ہیں تو آپ مکمل متن یہاں پڑھ سکتے ہیں۔ مزید پڑھ:
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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