IMF Approves $2.3 Billion for Egypt

The International Monetary Fund (IMF) has released about $2.3 billion for Egypt following the completion of its latest programme reviews, the lender said on Wednesday.

Egypt secured an expanded $8 billion package from the IMF in March 2024 under a nearly four-year Extended Fund Facility (EFF) programme, as the country grapples with one of the worst economic crises in its history.

The funding is tied to a series of economic reform commitments.

In March last year, the IMF also approved a separate $1.3 billion loan for Egypt.

After completing the fifth and sixth reviews of the EFF, the IMF said around $2 billion will now be made available.

IMF Approves Fresh $2.3 Billion for Egypt. Credit: Business Day

Egypt will also be able to access an additional $273 million under the Resilience and Sustainability Facility (RSF) following completion of its first review.

“Egypt’s macroeconomic situation has improved amid sustained stabilisation efforts,” the IMF said in a statement.

“Tight monetary and fiscal policies together with exchange rate flexibility have helped restore macroeconomic stability, reduce inflation, and strengthen the external position,” it added.

However, the Fund cautioned that progress on structural reforms has been mixed.

It said reforms under the programme have been “uneven” and efforts to reduce the state’s role in the economy “have been slower” than anticipated.

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Jimisayo Opanuga

Jimisayo Opanuga is a web writer in the Digital Department at News Central TV, where she covers African and international stories. Her reporting focuses on social issues, health, justice, and the environment, alongside general-interest news. She is passionate about telling stories that inform the public and give voice to underreported communities.