An first agreement over the IMF’s most recent program reviews for Egypt was revealed, opening the door for the nation to receive $2.5 billion in cash as it works to liberalize its economy.
In March of last year, Egypt, which was experiencing one of its worst economic crises ever, obtained an enlarged $8 billion package from the International Monetary Fund spread over almost four years, subject to a number of economic changes.
Additionally, the international lender authorized a fresh $1.3 billion loan for Egypt in March of this year.
The IMF on Monday said it “reached staff level agreement on the fifth and sixth reviews under the Extended Fund Facility (EFF) arrangement and the first review under the Resilience and Sustainability Facility (RSF)” .
“Stabilization efforts have delivered important gains and the Egyptian economy is showing signs of robust growth,” IMF mission chief Ivanna Vladkova Hollar said.
“Going forward, efforts to reduce the role of the state need to be accelerated,” she added.
Approximately $2.5 billion in funding from the $8 billion extended loan and the $1.3 billion from the agreement reached this year will be made available if the IMF executive board approves it.
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