The International Monetary Fund said on Wednesday it reached a staff-level agreement on the fourth review under the Extended Fund Facility arrangement with Egypt. Subject to approval by the executive board,

The agreement includes recalibrating Egypt's fiscal commitments to create space for critical social programmes benefiting vulnerable groups and the middle class, while ensuring debt sustainability

Egypt, grappling with high inflation and shortages of foreign currency, agreed to the $8bn, 46-month facility in March.

Egypt and the International Monetary Fund reached a preliminary deal that would likely unlock a further tranche of the North African nation’s $8 billion loan.