Egypt, IMF reach preliminary agreement for $3 billion loan

Egypt agreed on a $3 billion loan with the International Monetary Fund.

The North African nation, which has faced soaring import bills and an exodus of foreign money due in part to the conflict, will also receive $5 billion from international partners to help finance the country’s external funding gap, Egyptian officials told a news conference on Thursday. A further $1 billion from a newly created sustainability fund is also on the table, according to the IMF.