Egypt’s pound has slipped to its lowest level since a devaluation in March, amid a broad sell-off in emerging markets and increased local demand for dollars.

The International Monetary Fund said on Wednesday that its mission had concluded a visit to Egypt and made substantial progress on policy discussions toward the completion of the fourth review of IMF loan programme.

The International Monetary Fund said it made “substantial progress” in discussions with Egypt on the latest review of the North Africa nation’s $8 billion program, although further talks are needed.Mo

Egypt has asked the International Monetary Fund to review the targets for the full duration of its $8 billion program, Prime Minister Mostafa Madbouly said.

The International Monetary Fund (IMF) announced progress in discussions with Egypt during its mission visit. The talks aim to finalize policies and reforms needed to complete the fourth review of the IMF loan program.