Egypt has received IMF approval for a $1.2 billion loan disbursement, marking the fourth tranche of its $8 billion financing program. To date, the country has received $1.98 billion from earlier tranches as part of an economic reform agreement. The loan program was expanded from an initial $3 billion to $8 billion in March 2024.
Egypt has secured the International Monetary Fund’s (IMF) approval for a disbursement of $1.2 billion as part of its ongoing financing program. This information was disclosed by Egyptian Finance Minister Ahmed Kouchouk during an event for the Egyptian Tax Authority on Monday. While he confirmed the approval, specific details regarding the disbursement timeline were not provided.
This disbursement is the fourth tranche of an $8 billion loan program agreed upon between Egypt and the IMF, with the Egyptian government previously receiving a total of $1.98 billion from the first three reviews. The program, which includes economic reforms, was initially set at $3 billion but was later increased to $8 billion in March 2024.
In December 2024, Egypt announced the completion of the fourth review of this economic reform program, which ultimately allowed the country to secure this additional funding as per the staff-level agreement reached earlier.
In summary, Egypt has successfully obtained IMF approval for a $1.2 billion loan disbursement as part of its $8 billion program. This follows prior disbursements totaling $1.98 billion from the first three reviews, emphasizing ongoing economic reforms and adjustments undertaken by Egypt. The increase of the loan program from $3 billion to $8 billion underscores the IMF’s continued support amid Egypt’s economic challenges.
Original Source: www.aa.com.tr
