Egypt’s foreign currency shortage has generated a thriving black market for United States dollars and hindered the operations of multinational companies. PhotoCAIRO — The International Monetary Fund said Thursday that it would grant Egypt a $12 billion loan over three years to help Egypt mend its ailing economy after years of unrest. The lack of foreign currency has been compounded by a drop in tourism revenues after recent terrorist attacks. “Egypt is a strong country with great potential but it has some problems that need to be fixed urgently,” I.M.F. Egypt’s economy has struggled since the 2011 uprising that overthrew the country’s longtime autocrat, Hosni Mubarak, with high inflation, foreign currency shortages and low tourism and investment.

Source: International New York Times August 11, 2016 19:11 UTC