CAIRO – 21 April 2024: Minister of Finance, Mohamed Maait, revealed that the International Monetary Fund (IMF) is set to complete the third review within three months. This completion will enable Egypt to secure an additional $820 million.
Egypt has already received $820 million as a result of completing the first and second reviews.
Minister Maait emphasized that one of Egypt's primary objectives, as part of its ongoing reforms, is to reduce the debt-to-GDP ratio to around 80 percent while increasing budget revenues.
He highlighted the positive growth of foreign reserves, which have surpassed $40 billion, indicating the state's commitment to further augment these reserves.
In terms of debt management, Maait announced that Egypt aims to extend the average maturity of its debt to a range of 4.5 to 5 years.
Currently, the average age of debt stands at 3.2 years, and it is projected to reach 3.3 years by the end of FY 2023/2024.
In March, Prime Minister Mostafa Madbouly announced that Egypt had entered into an agreement with the IMF to increase its existing $3 billion deal to $8 billion.
Additionally, Egypt is set to receive $12 billion in soft loans from the World Bank and the European Union, as stated by Madbouly.
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