IMF: New Program of Cooperation with Egypt to Maintain Economic Stability

The Executive Board of the International Monetary Fund (IMF) approved a 46-month agreement with Egypt within the framework of the “Extended Fund Facility (EFF)” in the amount of SDR 2,350.17 million (equivalent to 115.4% of the membership quota in the Fund, or about $3 billion).

The Executive Board's decision authorizes an immediate disbursement of SDR 261.13 million (equivalent to US$ 347 million) to help meet the balance of payments and budgetary support needs.

Throughout the program, the EFF is expected to encourage the availability of approximately $14 billion in additional financing for Egypt from its international and regional partners, including new financing from Gulf Cooperation Council (GCC) countries and other partners through ongoing sales of state-owned assets and financing channels. traditional bilateral and multilateral creditors.

After discussing the Executive Board, Kristalina Georgieva, Director General of the IMF and Chairman of the Board, said, "Egypt has responded firmly to the Covid-19 crisis thanks to its previous programs supported by the Fund.