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IMF may need to augment Egypt program amid Gaza war impacts, Georgieva says

INTERNATIONAL Monetary Fund Managing Director Kristalina Georgieva told Reuters that the Fund was “seriously considering” a possible augmentation of Egypt’s $3 billion loan program due to economic difficulties posed by the Israel-Hamas war.

Georgieva told Reuters in an interview on the sidelines of the Asia Pacific Economic Cooperation Summit that the conflict is “devastating” Gaza’s population and economy and has “severe impacts” on the West Bank’s economy and is also posing difficulties for neighbouring countries Egypt, Lebanon and Jordan through the loss of tourism and higher energy costs.

By The African Mirror