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Friday, Dec 02, 2022

Egypt clinches $3 bln loan from IMF

Egypt clinches $3 bln loan from IMF

Egypt has concluded a final agreement with the International Monetary Fund (IMF) on a four-year economic reform program, whereby Cairo will be given a $3 billion loan.
The agreement, which gives Egypt access to a $3 billion loan on the condition it implements a series of economic reforms, came following months of bilateral talks, according to a governmental release.

It will also offer Egypt an additional funding package valued at $5 billion to be provided by a number of regional and international institutions, it said.

The agreement aims to safeguard macroeconomic stability and debt sustainability, improve Egypt's resilience to external shocks, strengthen the social safety net, and step up reforms.

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