In November 2016, the IMF Executive Board approved an agreement with the Egyptian government on a $12 billion loan over three years. The new agreement will be concluded under the IMF`s Extended Facility of Funds, which supports long-term “structural adjustments”. According to reports, the IMF is also working with the Egyptian government to guarantee additional bilateral funds of $5 billion to $6 billion, including China and Saudi Arabia. The agreement aims to solve the country`s economic problems and encourages a classic austerity policy in Egypt, which will greatly worsen poverty and inequality. Contrary to the IMF`s transparency guidelines, the Staff Report, which sets out the IMF`s agreement under the underlying policy of the Fund`s Extended Facility, was only published on the 18th The second objective of these reforms is to increase government revenues, including through the introduction of VAT (VAT) and the liberalization of the exchange rate in order to support the country`s foreign exchange reserves and encourage foreign investment. So far, the reforms have led to an unprecedented rise in inflation. The official inflation rate was 24.3% in December 2016; the worst economic deterioration since 2013. This has huge consequences for the cost of living in the country, as it is highly dependent on imports. It is the weight of the rising cost of living that will weigh most heavily on the poor and is likely to exacerbate the already widespread deprivations of economic and social rights in the country. November (Reuters) – The International Monetary Fund (IMF) said on Thursday that after the first revision of a $5.2 billion financing, it had reached a staff-level deal with Egypt. . .