IMF approves Egypt’s $12 billion loan request
The IMF reported that the Central Bank of Egypt (CBE) will receive the initial installment worth $2.75 billion while the remainder will be provided over the next three years and will depend on execution of required reforms and the country’s economic performance during this period.
Before the IMF’s decision, the CBE had reached a deal to secure a $2 billion loan from global banks as part of its efforts to ease liquidity tightness and to overcome high exchange rates. The IMF reported in a statement on its website that the program will restore macroeconomic stability in Egypt and promote growth and employment.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PP, PE rally wavers in Türkiye; March outlook under discussion
- Crude oil prices seesaw on geopolitics and ebbing demand
- China’s local PP markets return on a cautiously firm note, defying weak fundamentals
- Mid-Eastern PP, PE markets rise in February after three months of weakness
- Stats: China’s 2023 PE imports snap two-year downfall despite rapidly growing domestic capacities
- PE rally loses momentum on subsiding demand in Türkiye
- PVC prices flat for 2nd straight month in Italy and West Europe
- Freight rates snap rally, Red Sea crisis keeps decreases in check
- Worsening dollar shortage pushes Egypt’s local PP, PE prices to never-before-seen highs
- Stats: US PE exports hit a renewed record in 2023, sales to China boom