Saudi Arabia agreed Tuesday to extend the terms of a $5 billion aid package to Egypt that took effect in March, Saudi state media said. The move was aimed at bolstering the North African country’s recent deal with the International Monetary Fund.
The state-run Saudi Press Agency said the extension would allow Egypt to open '‘new financing channels with regional and international organizations'' and help the completion of a preliminary $3 billion agreement the Middle East's most populous country reached with the IMF in October.
The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine. Egypt is the world’s largest wheat importer, most of which came from Russia and Ukraine. In the fallout of the war in Eastern Europe, Egypt has struggled to combat surging inflation, which peaked at over 16% in October.
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