IMF Lines Up $1.5 Billion to Egypt within Weeks

The International Monetary Fund (IMF) intends to provide about $1.5 billion to Egypt within weeks, within the framework of the loan that was agreed to increase last Wednesday from $3 billion to $8 billion.

Egypt obtained a first tranche worth $350 million from the Fund’s loan in late 2022, and since that time the first and second reviews of the program have been postponed, and disbursement of the remaining tranches was halted until the announcement last Wednesday of raising the value of the loan to $8 billion.

The Egyptian government and the IMF announced that they had reached an agreement at the expert level regarding the two reviews of the 3-year loan program.

PM Mostafa Madbouly said in press statements that signing the agreement with the International Monetary Fund allows the government to apply for an additional loan worth $1.2 billion from its Environmental Sustainability Fund, bringing the total proceeds to exceed $9 billion.

Egypt's agreement with the International Monetary Fund allows it to obtain a financial support package from its partners worth more than $20 billion, including $3 billion from the World Bank.