IMF provides Egypt with additional $820M as part of 3rd tranche

CAIRO – 30 July 2024: The International Monetary Fund's Executive Board has greenlit Egypt's economic reform program's third review, totaling $820 million. 

 

This approval signals the imminent disbursement of the third tranche, part of an $8 billion agreement sanctioned in March. 

 

Additionally, Egypt can seek an extra $1.2 billion in financing from the Resilience and Sustainability Trust Fund following the Board's nod.

 

Despite persistent inflation at high levels, the Fund noted a gradual decline, attributing Egypt's commitment to a flexible exchange rate system as pivotal to their program.

 

In another positive development, Egypt's net foreign reserves soared to a historic high of $46.38 billion in June 2024, marking a substantial $13.26 billion surge since August 2022.

 

 Concurrently, Egypt's external debt plummeted to $153.86 billion by May 2024, down from $168.03 billion in December 2023, showcasing a remarkable $14.17 billion reduction—the largest ever recorded in the history of Egypt's external debt, as reported by a Central Bank of Egypt official in July.