Egypt to receive first installment of expanded USD8B loan program from IMF
Date
3/31/2024 4:24:21 AM
(MENAFN) Egyptian Premier Mostafa Madbouly announced on Saturday that Egypt is poised to receive the first installment of an expanded USD8 billion loan program from the International Monetary Fund (IMF) next week. Madbouly made the announcement while speaking at an industrial zone near Cairo, mentioning Egypt's efforts to boost dollar resources by supporting industry and exports.
The IMF had previously approved a USD3 billion, 46-month Extended Fund Facility (EFF) arrangement for Egypt in late 2022 to aid its economic reforms. However, the first and second reviews of the arrangement were delayed.
On Friday, the IMF stated that its executive board had completed the first and second reviews of Egypt's USD3 billion EFF arrangement and sanctioned an additional USD5 billion in funding. This development allows Egypt to immediately access about USD820 million.
Egypt recently experienced a significant influx of foreign cash after signing a USD35 billion investment deal with the United Arab Emirates in February to develop a new resort city, Ras Al-Hekma, on its northern coast.
Previously in March, the World Bank stated that it plans to give at least 6 billion dollars "to support Egypt's development and reform efforts," while the European Union declared that it will offer a financial package of 7.4 billion euros (around USD8 billion) to enhance the Egyptian economy.
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