Egypt Receives IMF Approval for $1.2 Billion Loan Disbursement

Egypt has received IMF approval for a $1.2 billion loan disbursement as part of an $8 billion financing program. Finance Minister Ahmed Kouchouk announced this development, noting previous disbursements totaling $1.98 billion. The agreement aims to support Egypt’s economic reform initiatives.

Egypt has successfully secured approval from the International Monetary Fund (IMF) for a $1.2 billion loan disbursement, as announced by Finance Minister Ahmed Kouchouk. This approval marks the completion of the fourth review of Egypt’s financial assistance program. The announcement was made at an event for the Egyptian Tax Authority and reported by local media, including the daily Al-Masry Al-Youm.

The Egyptian government has already received $1.98 billion from the total $8 billion loan program, through the first three reviews with the IMF. In December 2024, both the Egyptian government and the IMF confirmed a staff-level agreement on the economic reform program, which facilitated this latest tranche of assistance.

Originally, in November 2022, Egypt initiated negotiations with the IMF leading to a $3 billion loan agreement, which was subsequently expanded in March 2024 to a total of $8 billion, reflecting the ongoing need for economic support amid various challenges.

This loan aims to assist Egypt in implementing necessary economic reforms and stabilizing its financial situation.

In summary, Egypt’s acquisition of approval for a $1.2 billion disbursement from the IMF signifies an important step in its ongoing economic reform efforts. Having already received nearly $2 billion, the country is progressing within an $8 billion loan program established with the IMF, reflecting its commitment to economic stability and growth.

Original Source: www.aa.com.tr