Egypt to expand IMF loan to $6bln

Egypt is eyeing a deal with the International Monetary Fund (IMF) to expand its $three billion rescue programme to $six billion, Bloomberg News reported on Wednesday.

According to Bloomberg, it is not clear whether the agreement will take weeks or months to conclude, however, it would be a boost for Egyptian President Abdel Fattah al-Sisi.

Kristalina Georgieva, Managing director of the International Monetary Fund, suggested the government focus on lowering inflation, which is now at 35 percent, rather than tackling the currency.

The suggestion signaled that a devaluation may not come as soon as some economists had expected.