The International Monetary Fund (IMF) has extended Egypt’s loan programme to US$8 billion, a few hours after the country officially implemented a flexible exchange rate of the local pound against the US dollar on Wednesday morning. Egypt’s Prime Minister Mostafa Madbouly told reporters in Cairo that the IMF programme targets vibrant indicators, including raising Egypt’s hard currency reserve, reducing domestic and foreign debt, ensuring the flow of direct foreign investments and promoting the country’s economic growth rate. Egypt will also receive a loan of around US$1.2 billion from a separat…