IMF Approves $5 Billion Augmentation for Egypt Loan Program

The International Monetary Fund (IMF) has approved a $5 billion augmentation to its loan program for Egypt in response to the economic strain caused by the war in Gaza. The fund's executive board’s assent raises the Extended Fund Facility arrangement from the initially approved $3 billion in December 2022 to $8 billion, allowing for an immediate disbursement of about $820 million. This approval reflects a wave of global aid pledged to bolster Egypt's stumbling economy during the ongoing conflict in Gaza.