IMF gives $1.2 bn disbursement to Egypt
Egypt has received a $1.2 billion payment from the International Monetary Fund (IMF), marking the fourth installment of its Extended Fund Facility (EFF) programme, Africanews via agencies reported on April 4th.
This is part of a broader $8 billion, 46-month programme that was launched in March 2024, expanding on the original $3 billion deal approved in late 2022.
The IMF Executive Board finished the fourth review of Egypt’s economic reform programme on March 10th unlocking the new installment.
Alongside this, the board okayed Egypt’s request for an arrangement under the Resilience and Sustainability Facility (RSF), allowing access to approximately $1.3 billion intended to fund long-term economic strength and sustainability ventures.
Egypt has been carrying out economic reforms under the IMF’s advice to counter high inflation and foreign currency shortages.
It is expected that the newly released funds will strengthen the country’s foreign reserves and help efforts for reform.
Egypt had been actively involved in advising on the future of Gaza, proposing a new Gaza ceasefire plan, as reported by the Middle East Monitor via Reuters on march 24th.
Egypt also held a conference for rebuilding Gaza’s healthcare system, attended by more than 100 ambassadors, government officials, and NGOs, the Middle East Eye reported on March 17th.
Africanews via agencies, Middle East Eye, Middle East Monitor via Reuters
