Egypt has secured IMF approval for a $1.2 billion loan disbursement as part of its $8 billion economic reform program. Finance Minister Ahmed Kouchouk announced the approval following the completion of the fourth review. Egypt has previously received $1.98 billion from the IMF as part of this program, which was initially set at $3 billion and later expanded.
Egypt has successfully received approval from the International Monetary Fund (IMF) for a disbursement of $1.2 billion, as announced by Finance Minister Ahmed Kouchouk in Cairo. This announcement was made during a ceremony for the Egyptian Tax Authority and follows the completion of the fourth review of the financing program by the IMF. Kouchouk noted that the specific timing for the release of these funds has not yet been disclosed.
The recent approval pertains to a broader $8 billion loan program established by the IMF, which includes a series of disbursements to support Egypt’s economic reform initiatives. Previously, Egypt received $1.98 billion through the first three reviews of this program. Notably, in November 2022, Egypt initially agreed with the IMF on a $3 billion loan, which was later expanded to the current total.
In conclusion, Egypt’s approval for an additional $1.2 billion from the IMF marks a significant step in the country’s ongoing economic reform efforts. With previous disbursements totaling $1.98 billion and an expanded loan agreement, Egypt is navigating through a structured program to stabilize and improve its economy. This development demonstrates the continued collaborative efforts between Egypt and the IMF.
Original Source: www.aa.com.tr
