The International Monetary Fund said it completed two reviews of Egypt’s economic reform programme, as well as another review under the Resilience and Sustainability Facility (RSF), allowing the country to draw about $2.3 billion.
The IMF said Egypt will receive about $2bn under its 46-month loan programme after completing the fifth and sixth reviews, along with $273 million under the RSF, bringing total disbursements under both programmes to about $5.2bn.
Egypt agreed to a $3bn loan with the IMF in December 2022. The programme was expanded to $8bn in March 2024, at a time when the country was grappling with high inflation and foreign currency shortages. The programme is due to end in December.
In recent months, Egypt has managed to tame inflation, which peaked at 38 per cent in September 2023. Annualised urban consumer inflation stood at 11.9pc in January.
The country’s foreign currency shortage has also eased, supported by the IMF loan, record revenue from tourism, remittances from Egyptians working abroad and investment deals with Gulf countries worth tens of billions of dollars.
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