imf loan
With the 3rd review completed, Egypt will receive $820 million in the coming days, meaning it will have obtained $1.64 billion from the $8 billion loan since the agreement’s approval in 2022
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
Georgieva’s comments, during the Asia Pacific Economic Cooperation Summit on Friday, backed up media reports in October that stated that Egypt and the IMF were discussing implementing an increase of up to $5 billion
According to people familiar with the discussions, Egypt is aiming to increase its Extended Fund Facility (EFF) loan from $3 billion to $5 billion, adding that the government is confident that it can address any obstacles related to the current package
The fund is also looking for increased privatization deals for state assets and genuine flexibility in Egypt’s currency, the unnamed sources revealed to Bloomberg
Egypt has taken austerity measures and gradually removed the governmental subsidies on many factors including, electricity, fuel, and social supplies to meet the IMF conditions.
Egypt has raised fuel prices to meet IMF loan's terms that entail the complete removal of fuel subsidies.
Egypt’s exports increased 9.4 percent to $14 billion in the period between November 2016 and June 2017, after the devaluation.
Sisi on Saturday discussed with relevant ministers the security and economic developments, including subsidies, price control and the economic reform program.
Egypt's foreign reserves have recorded their highest level since 2011, climbing to $28.64 billion at the end of April.
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