The main index of the Egyptian Stock Exchange achieved a leap of about 800 points this week, which is the largest increase of its kind for the index since March, with the country announcing an agreement at the level of experts with the International Monetary Fund.
The index increased by 7. 8% to 11072 points at the close of trading today, up from 10273. 5 points at the conclusion of last week.
The index crossed the threshold of 11,000 points for the first time since May 8th, after achieving advances over the previous four sessions ranging from 0. 6% to 4. 9%, and this week only losing in a Sunday session in which he gained 0. 2%.
The International Monetary Fund said today that it had reached an agreement with Egypt to enable a three billion dollar loan with a 46-month duration. The IMF praised the government’s efforts to provide “permanent flexibility for exchange rates” and commitment to advancing social protection.
According to a statement from the fund, the arrangement is anticipated to spark a sizable financing package over a number of years, including about $5 billion in the fiscal year that ends in June 2023, which reflects the substantial support that Egypt has received on the international and regional levels.
Shortly after the Ukrainian crisis broke out in March, Egypt began negotiations with the fund on a financial aid package, which exacerbated the country’s already precarious financial situation and forced foreign investors to pull $20 billion from the Egyptian Treasury Market in a matter of weeks.
The highest weekly rise in seven months is recorded by the Egypt Stock Exchange.
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