World

Egypt reaches preliminary agreement with IMF for $1.64 billion

Egypt announced that it has reached a preliminary agreement with the International Monetary Fund (IMF) that could allow it to obtain approximately $1.64 billion in new financing, subject to the approval of the IMF Executive Board.

Egyptian Prime Minister Mostafa Madbouly announced in a written statement that the Egyptian government and the IMF delegation have reached an expert-level agreement on the seventh review of the 'Extended Fund Facility (EFF)' program and the second review under the 'Resilience and Sustainability Facility (RSF)' program. Madbouly noted that under the agreement, it is envisaged that Egypt will receive financing of approximately 1.11 billion Special Drawing Rights (SDR), equivalent to about $1.5 billion, within the framework of the EFF program. Madbouly stated that under the RSF program, it is planned to provide additional financing of 100 million SDR, equivalent to approximately $136 million, bringing the total new financing amount to approximately $1.64 billion.

Egypt reaches preliminary agreement with IMF for $1.64 billion

Egypt reaches preliminary agreement with IMF for $1.64 billion

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