Egypt to Receive $820 Million from IMF within 3 Months, Says Finance Min.

Egyptian Finance Minister Mohamed Maait said that the IMF will complete the third review within three months, allowing Egypt to obtain $820 million.

He added in an interview with Bloomberg Asharq, on the sidelines of the spring meetings of the International Monetary Fund and the World Bank in Washington, that the Fund completed the first and second reviews, which allowed Egypt to obtain $820 million,

He Pointed out that within the framework of the reforms implemented by the country, Egypt will aim to reduce the level of debt to GDP to about 80%, while increasing budget revenues.

Maait pointed out that foreign reserves have increased above $40 billion, indicating that Cairo will continue to raise the rates of these reserves.

Regarding bond issuances, Maait confirmed that the current fiscal year, which ends on June 30, will not witness any debt issuance process, indicating that there is no decision yet to issue bonds during the next fiscal year.

Maait denied the news that Egypt is trying to postpone the maturity date of some of its domestic debts, considering it “inaccurate.”

He added that Egypt aims for the average lifespan of debt to reach between 4.5 and 5 years, which requires the terms of issuances to be longer.