Egypt’s central bank said Tuesday that the country’s net international reserves reached $34.660 billion at the end of May, up from $34.551 billion in April.
Last April, the Central Bank of Egypt announced that the country’s net foreign exchange reserves increased to $34.447 billion in March 2023, up from $34.352 billion in February.
The International Monetary Fund has approved a $3 billion bailout package for Egypt for 46 months, adding that it will stimulate about $14 billion in additional funding.
The fund said in a statement that the package includes a flexible exchange rate system and strengthening social safety nets to protect the most vulnerable.
The statement added that the agreement allows for an immediate allocation of $347 million to Egypt to support Egypt’s balance of payments and its overall budget.
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