Egypt turns to IMF seeking help for economy

Food importer: An Egyptian man works in a bakery at a market in Cairo. Surging prices of energy and grains as a result of the Ukraine war, along with rising interest rates in the developed world, have increased the risks to its economy. — AFP

CAIRO: Egypt is seeking support from the International Monetary Fund (IMF), possibly including a new loan, as its economy comes under pressure amid the fallout from Russia’s war in Ukraine.

Egypt’s Cabinet said the country had requested discussions on a new programme that “may include additional financing”.