Egypt Secures IMF Approval for $1.2 Billion Loan Disbursement

Egypt has received IMF approval for a $1.2 billion loan, part of an $8 billion program. This follows previous disbursements totaling $1.98 billion. The approval supports Egypt’s ongoing economic reform efforts as outlined in a plan initially set in November 2022.

Egypt has successfully secured approval from the Executive Board of the International Monetary Fund (IMF) for the disbursement of a $1.2 billion loan. This announcement was made by Egyptian Finance Minister Ahmed Kouchouk at a ceremony held by the Egyptian Tax Authority. While the minister acknowledged the approval, he did not specify the date for when the funds would be disbursed.

This latest tranche follows Egypt’s previous receipt of $1.98 billion from the IMF, as part of its $8 billion loan program. The agreement for this economic reform program was initially reached in November 2022, focusing on financial stabilization measures and was subsequently expanded in March 2024. The completion of the fourth review of the program enables this latest financial support.

The Egyptian government, in collaboration with the IMF, outlined their commitment to reform and economic stability. The current amount being disbursed is part of a broader initiative to support Egypt’s economic reforms and recovery efforts following significant financial challenges. The IMF’s assistance is intended to bolster the country’s financial practices and improve its economic landscape in the coming years.

In conclusion, Egypt’s recent approval from the IMF for a $1.2 billion loan signifies a crucial milestone in the nation’s ongoing economic reform program. This is part of a larger commitment to secure a total of $8 billion in funding as Egypt implements essential financial reforms. Continued partnership with the IMF underscores Egypt’s dedication to stabilize its economy and enhance fiscal management.

Original Source: www.aa.com.tr