IMF Executive Board Approved USD 3bn Loan for Egypt

Giving More to Your Wealth
03 Jan 2023






IMF Executive Board Approved USD 3bn Loan for Egypt

The International Monetary Fund (IMF) approved a 46-month loan for Egypt worth USD 3bn, with an immediate first tranche of approximately USD 347mn.

According to a press release from the IMF the loan is meant to “preserve macroeconomic stability, restore buffers, and pave the way for inclusive and private-sector-led growth.” Among the requirements for the loan package is the introduction of a flexible EGP/USD exchange rate. (Sources: International Monetary Fund (English), al-Ahram (English), Egypt Independent (English), Sky News Arabia, al-Arabiya, al-Youm al-Sabee)

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