The International Monetary Fund (IMF) has approved the release of approximately $2.3 billion for Egypt following the completion of the fifth and sixth reviews of its reform programme.
Egypt secured an expanded $8 billion support package from the IMF in March 2024 under the Extended Fund Facility (EFF), aimed at stabilising the economy amid one of the country’s most severe financial crises in decades. The programme is tied to wide-ranging economic reforms, including fiscal discipline and structural adjustments.
According to the IMF, about $2 billion will now be made available under the EFF. In addition, Egypt can access roughly $273 million through the Resilience and Sustainability Facility (RSF) after completing its first review.
The IMF said Egypt’s macroeconomic situation has improved due to tight monetary and fiscal policies, along with exchange rate flexibility. These measures have helped reduce inflation, restore stability, and strengthen the country’s external position.
However, the fund cautioned that structural reforms have progressed unevenly, noting that efforts to reduce the state’s role in the economy have been slower than initially anticipated.
SOURCE :TRT AFRICA
