Dollar bonds of Egypt jumped as much as 5% as the nation reached a staff-level agreement with the IMF supported by a $3bn loan under the Extended Fund Facility (EFF). Ivanna Vladkova Hollar, IMF’s Mission Chief for Egypt said that the agreement is set enhance Egypt’s external position , macro stability and debt sustainability as it unlocks a multi-year financing package of $5bn from multilateral and regional partners. Zawya notes that Egypt also requested financing under a new facility known as the Resilience and Sustainability Facility (RSF), which could see them avail up to an additional $1bn in funding.
For the full story, click here
