IMF, Egypt Finalize Staff-Level Agreement on Key Policy Reforms, Paving the Way for $820 Million Disbursement

CAIRO - 7 June 2024: The International Monetary Fund (IMF) announced Thursday that a staff-level agreement has been reached with Egyptian authorities on a comprehensive set of policies and reforms. These measures are crucial for the completion of the third review under the Extended Fund Facility (EFF) arrangement.

The IMF's statement noted that this staff-level agreement will be submitted to the IMF Executive Board for approval. Once approved, it will facilitate the disbursement of a new tranche of $820 million to Egypt.

In January, the IMF team, led by Mission Chief for Egypt Ivanna Vladkova Hollar, visited Cairo to continue discussions on the first and second reviews of Egypt’s reform program under the EFF.

Julie Kozack, head of the IMF Communications Department, mentioned that the IMF collaborated with Egyptian authorities on policies to support the completion of these reviews. This follows the IMF’s approval of a $3 billion EFF loan program for Egypt in December 2022.

However, Egypt has not yet completed the initial reviews due to ongoing economic challenges resulting from global and regional geopolitical tensions.