The Executive Board of the International Monetary Fund has given the green light to a $5 billion boost in Egypt’s loan program, echoing a prior announcement made this month, which coincided with the devaluation of the Egyptian pound by the Central Bank.
In December 2022, Egypt and the IMF inked a deal for a $3 billion extended fund facility spanning 46 months. The IMF confirmed that the first and second reviews of the facility, initially delayed, are now finalized.
According to the IMF statement, this increase enables Egypt to promptly withdraw approximately $820 million.
