IMF approves deal with Egypt for $3 billion support package

The International Monetary Fund has approved a deal that will provide a $3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in an additional $14 billion in financing for the Middle East country. The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine, events that have played havoc with global markets and hiked oil and food prices worldwide.