IMF Executive Board Approved USD 3bn Loan for Egypt

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03 Jan 2023

18/12/2022:

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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