Egypt has secured IMF approval for a $1.2 billion loan, part of an $8 billion financing program. This follows a series of reviews and previous disbursements totaling $1.98 billion. Egyptian Finance Minister Ahmed Kouchouk announced the approval during a Tax Authority event, although specific timing for disbursement was not detailed.
Egypt has successfully obtained approval from the International Monetary Fund (IMF) for the disbursement of a $1.2 billion loan. This announcement was made by Egyptian Finance Minister Ahmed Kouchouk during an event hosted by the Egyptian Tax Authority. The approval constitutes the fourth review of Egypt’s ongoing financing program, facilitating further financial support from the IMF.
Following a series of evaluations, Egypt has received a total of $1.98 billion from the IMF out of an overall planned program loan of $8 billion. The agreement was initiated in November 2022, when Egypt entered into a financial arrangement with the IMF for a $3 billion loan, which was subsequently expanded to $8 billion in March 2024.
The completion of this fourth review, concluded in December 2024, has been confirmed by both the Egyptian government and the IMF. However, Minister Kouchouk did not specify any timelines regarding when the disbursement would take place. This financing is crucial for Egypt as it continues to implement necessary economic reforms to stabilize its economy.
In conclusion, Egypt’s recent approval from the IMF for a $1.2 billion loan disbursement marks a significant step forward in its ongoing economic reform program. With this funding, Egypt has received nearly $2 billion of the total $8 billion loan agreed upon in collaboration with the IMF. The government’s commitment to reforms, alongside the financial support from the IMF, highlights Egypt’s efforts to stabilize and grow its economy despite ongoing challenges.
Original Source: www.aa.com.tr
