Egypt to Receive $1.2 Billion IMF Tranche in January

Egypt will receive a $1.2 billion tranche from the International Monetary Fund (IMF) this month as part of an $8 billion loan program, Finance Minister Ahmed Kouchouk said on Sunday.

"We will receive $1.2 billion in January," he said in an interview with ONTV channel.

The IMF announced in the past few days that it had reached a staff-level agreement on the fourth review under the fund's extended facility agreement with Egypt, which could allow the disbursement of $1.2 billion under the program.

In March, Egypt, which is suffering from high inflation and a shortage of foreign currency, agreed to a $8 billion facility over 46 months. The sharp decline in Suez Canal revenues due to regional tensions over the past year has exacerbated its economic crisis.

The IMF said the Egyptian government has agreed to increase the tax-to-revenue ratio by 2% of GDP over the next two years, with a focus on eliminating exemptions rather than increasing taxes.

IMF