Egypt secures IMF approval for $1.2B loan disbursement
Cairo already received early tranches of $1.98B out of its $8-billion IMF loan program
ISTANBUL
Egyptian Finance Minister Ahmed Kouchouk has announced that the Executive Board of the IMF has approved the fourth review of Egypt's financing program, amounting to $1.2 billion.
According to local media outlets, including the privately-owned daily Al-Masry Al-Youm, the Egyptian minister made the statement late Monday during a ceremony for the Egyptian Tax Authority.
"The IMF has approved the disbursement of the fourth tranche for Egypt, amounting to $1.2 billion," Kouchouk said, without providing details on the timing of the disbursement.
In December 2024, the Egyptian government and the IMF announced in separate statements that they had reached a staff-level agreement on the completion of the fourth review of an economic reform program, enabling Cairo to receive a tranche of $1.2 billion out of a total program loan of $8 billion.
Under Egypt's first, second, and third reviews with the IMF, it got from the latter a total of $1.98 billion of the loan program.
In November 2022, Egypt agreed with the IMF on an economic reform program accompanied by a $3 billion loan, which was later expanded to $8 billion in March 2024.
Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.
