Egyptian pound falls to all-time low as a result of economic difficulties
An $8 billion loan to Egypt has been approved by the International Monetary Fund. As per the country's premier, the agreement will aid in reestablishing economic equilibrium. The news was made as the value of the Egyptian pound fell to an all-time low compared to the US dollar. Interest rates have increased by 600 basis points by Egypt's central bank. One of the main requests of the IMF for Egypt was devaluation.
The desperate humanitarian situation is growing worse. Israeli forces are increasing their attacks on the southern region of Rafah. More than 100,000 Palestinians have evacuated the south since Monday. The UN says the Israeli army's control of the Rafah border crossing is "crippling humanitarian operations" as starvation grows. According to UNICEF, food resources are rapidly depleting, and child fatalities must be averted.
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