IMF set to release new loan package for Egypt

The IMF is set to release a new loan agreement with Egypt for approval by its board, according to the global lender's communications chief. Last year, the IMF expanded its existing loan package from $3 billion to $8 billion to help Egypt strengthen its economy.

In December last year, a draft agreement was reached which would likely unlock an additional $1.2 billion to help the Egyptian economy as it deals with a number of economic challenges created by the war in Gaza.