IMF executive board approves $12bn loan to Egypt

Mohamed Samir
1 Min Read

The International Monetary Fund’s (IMF) executive board approved a $12bn, three-year extended fund facility (EFF) to Egypt on Friday to support the country’s economic reform programme.

The EFF-supported programme will help Egypt restore macroeconomic stability and promote inclusive growth. It also aims to correct external imbalances, restore competitiveness, place the budget deficit and public debt on a declining path, boost growth, and create jobs while protecting citizens of lower income.

The Central Bank of Egypt had floated the Egyptian pound last week, in an effort to liberalise the economy. The decision was followed by a decrease in fuel subsidies as a part of the government’s economic reform programme.

Moreover, the executive board’s approval allows for an immediate receipt of $2.75bn. The remaining amount will be phased over the next three years, subject to five reviews.

Share This Article
Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
1 Comment