Egypt has secured IMF approval for a $1.2 billion loan disbursement, part of an $8 billion financing program. This marks the fourth tranche received following earlier disbursements totaling $1.98 billion. The original agreement for the program began in November 2022 and was expanded in March 2024.
The Executive Board of the International Monetary Fund (IMF) has approved a $1.2 billion loan disbursement for Egypt, as announced by Finance Minister Ahmed Kouchouk. This announcement was made during a ceremony organized by the Egyptian Tax Authority. Although the exact timing of the disbursement has not been disclosed, this funding marks the fourth tranche received under Egypt’s ongoing financing program with the IMF.
Thus far, Egypt has received $1.98 billion out of an $8 billion loan program as a result of prior reviews with the IMF. The agreement with the IMF, which includes terms for economic reform, was initially reached in November 2022 but expanded in March 2024 to total $8 billion. The completion of the fourth review signifies that Cairo is progressing with the necessary reforms stipulated in the financing agreement.
In conclusion, Egypt’s recent approval for a $1.2 billion loan disbursement by the IMF highlights the nation’s ongoing economic reforms and commitment to its financing program. With a total loan amount of $8 billion, Egypt has already drawn $1.98 billion through previous reviews, reflecting a structured approach to managing its economic challenges and obligations to international lenders.
Original Source: www.aa.com.tr
