International Monetary Fund

Egypt requests $5B first tranche from IMF’s $8B loan

Mon, 18 Mar 2024 - 10:55 GMT

The purpose of this request is to strengthen Egypt's economy and ensure a sustainable infusion of foreign currency liquidity.

What should Egypt do to ensure steady FX inflows?

Mon, 11 Mar 2024 - 10:37 GMT

“Ensuring a flexible exchange rate system is one of the IMF’s prerequisites for the loan, and this is what the Central Bank of Egypt is focusing on,” Economic Expert Karim Nassar stated in an interview with Egypt Today.

No intention to issue bonds till end of current fiscal year: Finance Minister

Sun, 10 Mar 2024 - 04:46 GMT

Maait also stated that Egypt will obtain new $3 billion from the World Bank during the coming period pointing out that this amount is part of a total package worth $20 billion from several international partners

IMF, Egyptian authorities agree on $8B loan augmentation, reforms to address macroeconomic challenges

Wed, 06 Mar 2024 - 06:46 GMT

The IMF loan has been augmented and increased to $8 billion instead of $3 billion "due to significant macroeconomic challenges that have become more complex to manage with the impact of the recent conflict in Gaza on tourism and Suez Canal receipts," according to the IMF statement

Egypt's agreement with IMF raises to $8B up from $3B

Wed, 06 Mar 2024 - 03:14 GMT

Egypt will also receive soft loans from the World Bank and the European Union, according to the Prime Minister.

CBE move to let currency trade freely to reinforce efforts to tackle inflation: Egypt’s PM

Wed, 06 Mar 2024 - 01:53 GMT

Prime Minister Mostafa Madbouly commended decisions announced by the Central Bank of Egypt (CBE) this morning, including to let the currency trade freely, saying they endorse state’s efforts to address inflation.

Egypt, IMF set to sign deal on loan program augmentation ‘within hours’: High-level source

Wed, 06 Mar 2024 - 11:30 GMT

The Egyptian government and the International Monetary Fund (IMF) are on the verge of signing an agreement to augment the Egyptian loan program within a few hours, Al Qahera News reported, citing a high-level source.

Egypt's loan program review to be completed within weeks: IMF’s Managing Director

Tue, 27 Feb 2024 - 09:51 GMT

The International Monetary Fund (IMF) resolved major issues with Egypt in its review of its $3 billion loan program, IMF’s Managing Director, Kristalina Georgieva, announced.

IMF, Egyptian officials making progress on comprehensive policy package: IMF Comms Director

Sun, 25 Feb 2024 - 12:46 GMT

Kozack emphasized that the IMF team and the Egyptian authorities have reached a consensus on the key components of the program, with the authorities demonstrating a strong commitment to its implementation

Working with Egypt 'high priority", significant progress made in economic reform discussions: IMF

Mon, 12 Feb 2024 - 03:48 GMT

This came during her meeting with Egypt’s Prime Minister, Mostafa Madbouly, on the sidelines of the World Government Summit in Dubai.

PM, IMF Director discuss ongoing economic cooperation with IMF

Mon, 12 Feb 2024 - 10:34 GMT

Madbouly confirmed the Egyptian government's commitment to comprehensive economic reforms, including reducing inflation rates, decreasing the debt-to-GDP ratio, and bolstering the private sector.

Egypt’s net international reserves increases to $35.2B in January 2024: CBE

Tue, 06 Feb 2024 - 10:25 GMT

This is a $30 million increase from the $35.21 billion recorded in December 2023

Goldman Sachs predicts Egypt to secure $12B package from IMF

Mon, 05 Feb 2024 - 04:11 GMT

Goldman Sachs also projected that Egypt's financing requirements over the next four years will amount to $25 billion

IMF mission concludes Cairo visit, reports progress in talks with Egyptian authorities

Sun, 04 Feb 2024 - 03:54 GMT

The IMF team and Egyptian authorities achieved "excellent progress in discussions on the comprehensive policy package required to reach an agreement at the expert level for the first and second combined reviews of the Economic Reform Program in Egypt, supported by the Fund."

IMF mission prolongs stay as Egypt pushes to increase loan to $10B

Thu, 01 Feb 2024 - 02:43 GMT

Separate sources have confirmed to news outlets that the Egyptian government has reached an agreement in principle with the IMF, which includes the release of the remaining $3 billion from the loan

IMF lowers growth outlook for Egypt in FY2023/24 to 3%

Tue, 30 Jan 2024 - 01:33 GMT

The IMF expected, in the "World Economic Outlook Update January 2024" issued on Tuesday, the Egyptian economy to grow by 3 percent during the current fiscal year, compared to previous expectations in October of a 3.6 percent growth.

IMF's mission visits Cairo to discuss $3B loan for Egypt's reform program

Sun, 21 Jan 2024 - 03:08 GMT

The IMF mission, headed by Ivanna Vladkova Hollar, Chief of the Middle East and Central Asia department, comprises IMF representatives as well

IMF highlights importance of additional financing for Egypt's program successful

Sun, 14 Jan 2024 - 10:07 GMT

IMF's team is currently engaging in discussions with Egyptian authorities to support the completion of the first and second reviews of the Extended Fund Facility (EFF) that Egypt has with the Fund

IMF Chief, US Secretary pledge support for Egyptian economy amidst challenging times

Wed, 10 Jan 2024 - 02:17 GMT

During the meeting, Secretary Yellen underscored the unwavering support of the United States for Egypt and its ongoing economic reform program

IMF near to approve expansion of Egypt’s loan to $6B

Wed, 20 Dec 2023 - 12:12 GMT

Egypt is close to finalizing of an agreement with the International Monetary Fund (IMF) to enhance its current $3 billion rescue program. According to Bloomberg's sources, the program is expected to be expanded to around $6 billion

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