Egypt’s pound has slipped to its lowest level since a devaluation in March, amid a broad sell-off in emerging markets and increased local demand for dollars.

The review, which could unlock more than $1.2 billion in financing, is the fourth under Egypt's latest 46-month IMF loan programme that was approved in 2022 and expanded to $8 billion this year after an economic crisis marked by high inflation and severe foreign currency shortages.

The International Monetary Fund said it made “substantial progress” in discussions with Egypt on the latest review of the North Africa nation’s $8 billion program, although further talks are needed.Mo

Egypt is poised to keep interest rates at a record high as it awaits the full inflationary impact of a fuel-price hike and the completion of a key International Monetary Fund review.

CAIRO – The International Monetary Fund said on Wednesday that its mission had concluded a visit to Egypt and made substantial progress on policy discussions toward the completion of the fourth review of IMF loan program.