CURRENT AFFAIRS

Detailed explanation-1: -Cairo, Dec 17 (AP) The International Monetary Fund has approved a deal that will provide a USD 3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in additional USD 14 billion in financing for the Middle East country.

Detailed explanation-2: -The IMF Executive Board approved a 46-month arrangement under the Extended Fund Facility (EFF) for Egypt in an amount of about US$3 billion.

Detailed explanation-3: -The International Monetary Fund (IMF) is an organization of 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Detailed explanation-4: -The IMF provides broad support to low-income countries through policy advice, capacity-building activities, and concessional financial support – meaning it is provided at below-market interest rates. Concessional support through the Poverty Reduction and Growth Trust (PRGT) is currently interest free.

Detailed explanation-5: -On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it.