Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted

Amid Crisis, Egypt to receive first $1.5bn of IMF loan

  • By Al Mayadeen English
  • Source: News Websites
  • 13 Mar 2024 00:04
3 Min Read

The IMF has granted Egypt $8 billion in loans to help the country adapt to the ramifications the Israeli genocide in Gaza has had on Egypt.

  • x
  • An Egyptian walks past an exchange office in Cairo, Egypt, Wednesday, March 6, 2024 (AP)
    An Egyptian walks past an exchange office in Cairo, Egypt, Wednesday, March 6, 2024 (AP)

Egypt is receiving $1.5 billion next week in an initial batch of the $8 billion loan the International Monetary Fund (IMF) has granted it, sources cited by Egyptian newspaper Al Mal reported.

This comes after the IMF agreed to increase Egypt's loan program, initially set at $3 billion, to $8 billion due to the changing "macroeconomic conditions" the country is seeing, referring to the Israeli genocide in Gaza that has negatively impacted tourism to Egypt, as well as profits from the Suez Canal.

Egyptian media reported that the country has only received 350 million dollars from the initial package, which was brokered in December 2022 and would be validated for over 46 months. 

Egypt's Suez Canal revenues plunge by 46% in January 2024

The chairman of Egypt's Suez Canal Authority on Saturday reported that revenues for the month of January 2024 witnessed a massive decrease of 46% compared to the same period in 2023.

"In January of last year, we saw revenues of $804 million, versus $428 million this year, which means a loss of 46%," Admiral Osama Rabiee told the Egyptian-based broadcaster ON.

Related News

World Bank: Global growth to slow sharply, worst since 2008

No security possible amid continued Israeli aggression: Lebanese PM

The quantity of vessels traversing the crucial waterway, linking the Red Sea to the Mediterranean, experienced a 36% decline last month compared to January 2023.

This comes at a time when US-instigated escalations in the Red Sea have dramatically altered global shipping dynamics.

Egyptian Pound in disastrous lows after Bank agrees to IMF conditions

Reuters reported last week that the Egyptian pound hit a record low against the greenback after the central bank announced that it would let the pound trade freely and induced a significant hike in interest rates by 600 basis points. 

These measures to "stabilize" the economy are said to be taken with the "help" from Gulf investment and the IMF funds.

For months, Egyptian authorities had attempted to defend a specific exchange rate level, namely 30.85 pounds to the dollar. But this morning saw the currency weaken to 50 pounds. 

The IMF had imposed a more flexible exchange rate as a precondition for a deal in the making, which involves expanding the agency's current $3 billion support program with Egypt.

Analysts widely welcomed these measures, Reuters says, adding that they facilitated the agreement with the fund. 

Read more: Egypt never closed Rafah crossing, 'Israel' hindered aid delivery: FM

  • International Monetary Fund
  • Egypt
  • Israel
  • IMF
  • IMF loan
  • Gaza
War on Gaza

War on Gaza

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS