IMF Review May Unlock $1.2 Billion for Egypt

The IMF is set to review Egypt's loan programme, potentially unlocking $1.2 billion in financing. This marks the fourth review of Egypt's 46-month IMF deal, expanded to $8 billion this year. Discussions will also explore Egypt's greening economy efforts and access to the Resilience and Sustainability Facility.

The International Monetary Fund (IMF) will commence its review of Egypt's loan programme on Tuesday, as announced by Egyptian Prime Minister Mostafa Madbouly during a press conference with IMF Managing Director Kristalina Georgieva.

This fourth review, part of Egypt's 46-month IMF loan programme approved in 2022, could release over $1.2 billion in financing. The loan size was expanded to $8 billion this year following an economic crisis characterized by steep inflation and acute foreign currency shortages.

Prime Minister Madbouly highlighted the importance of IMF-Egypt cooperation, anticipating continued success in the partnership. Georgieva commended the existing collaboration and addressed current global challenges. Upcoming talks will explore ways to support Egypt's greening economy objectives and the Resilience and Sustainability Facility, for which Egypt seeks an additional $1 billion.

(With inputs from agencies.)