IMF Reaches Staff-Level Deal with Egypt, Paving Way for $1. 64bn in New Financing - The Middle East Observer
The International Monetary Fund (IMF) has reached a staff-level agreement with Egypt on the seventh review of the country’s Extended Fund Facility (EFF) programme and the second review under the Resilience and Sustainability Facility (RSF), paving the way for approximately $1. 64 billion in additional financing, subject to approval by the IMF Executive Board. Completion of […]
TheInternational Monetary Fund(IMF) has reached a staff-level agreement with Egypt on the seventh review of the country’s Extended Fund Facility (EFF) programme and the second review under the Resilience and Sustainability Facility (RSF), paving the way forapproximately $1. 64 billionin additional financing, subject to approval by the IMF Executive Board. Completion of the reviews would unlockSDR 1. 11 billion(about$1. 5 billion) under the EFF, alongsideSDR 100 million(around$136 million) through the RSF, according to the IMF. The Fund said theeconomic impactof the recent Middle East conflict had remained relatively contained, supported by government measures including fuel and electricity price adjustments, energy conservation initiatives and expenditure reprioritization. It added that Egypt’s flexible exchange-rate regime had continued to strengthen the economy’s resilience to external shocks. While acknowledging progress inmacroeconomic stabilization, the IMF stressed that accelerating structural reforms remains essential to sustain growth. It called for faster implementation of the State Ownership Policy, stronger private-sector participation and continued fiscal discipline to support investment, reduce public debt and reinforce long-term economic stability. Related news:IMF Forecasts 3. 7% Growth for Arab EconomiesIMF and Egypt Navigate Reform Agenda Under Regional UncertaintyRead also:Egypt Bets EGP 12bn on Vaccine Hub to Cut Imports and Expand Regional ReachEgypt’s Private Sector Strained by Cost Pressures as Stabilisation Becomes Imperative