Egypt seeks to increase IMF loan to over $5 billion

Egypt is currently in discussions with the International Monetary Fund (IMF) to augment its ongoing rescue program to exceed $5 billion. This has been reported on Friday by Bloomberg News, citing sources familiar with the matter. The announcement of a potential increase from the $3 billion that had been secured last year would only be made after Egypt completes its two delayed program reviews. At this point, no decision has been made yet regarding this matter. The report aims to bring attention to the financial challenges Egypt faces and the measures it is taking to overcome them, including seeking assistance from international financial institutions like IMF.