Recently, Egypt made significant economic adjustments by permitting its local currency to devalue against the U.S. dollar by over 60%.

Furthermore, the nation's central bank took a substantial step by increasing interest rates by 600 basis points.

These measures were critical prerequisites set forth by the International Monetary Fund (IMF) that Egypt was required to fulfill to secure a new financial aid package.

These economic policies were adopted as part of Egypt's efforts to meet the conditions stipulated by the IMF for financial assistance.