Egypt Receives $2.3 Billion IMF Tranche

Egypt has received $2.3 billion from the International Monetary Fund (IMF) as part of its ongoing economic reform program, according to a senior government source.

The source said the latest financial tranche has already been transferred to the Central Bank of Egypt, adding that the funds will help strengthen the country’s foreign currency reserves, which currently stand at about $52.7 billion.

The official explained that the equivalent value of the disbursement will be provided in Egyptian pounds to support the state budget and public spending needs.

The new inflow of foreign currency is expected to help stabilize the exchange rate and support the Egyptian pound against the US dollar, contributing to greater stability in the prices of goods and services.

Last Thursday, the IMF Executive Board approved the fifth and sixth reviews of Egypt’s economic reform program, which has a total value of $8 billion.

In a statement, the IMF said the approval of the two reviews enables the disbursement of $2 billion linked to the fifth and sixth program reviews, in addition to $300 million provided under the Resilience and Sustainability Facility.