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Egypt opted for a 200 basis point rate hike and devalued its local currency by more than 15% on Thursday, hours before its highly-anticipated staff-level agreement with the IMF was announced, which ought to give the dollar-hungry North African nation a respite even though its financial challenges are still lingering.
The 46-month Extended Fund Facility (EFF) arrangement of $3bn “aims to safeguard macroeconomic stability and debt sustainability”. The deal could also see the most populous Arab nation receive an additional $6bn.
