Egypt Secures IMF Aid as Fuel Prices and Living Costs Soar

The International Monetary Fund (IMF) has approved a $1.2 billion disbursement to Egypt, part of an $8 billion bailout aimed at stabilizing the country’s struggling economy. The IMF also granted Cairo access to an additional $1.3 billion under the Resilience and Sustainability Facility. The grants come as Egyptians grapple with soaring inflation, fuel price hikes, and currency devaluation, leading to rising living costs. In response, the government has raised the minimum wage for public sector workers to $138 starting in July, aligning with private sector wages. However, it has yet to make an impact. The IMF grant, alongside other measures, is part of the government’s efforts to reform the country’s financial landscape.

Source: africanews