Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt to Receive IMF Tranche worth $1.6 in June

Sun 28 Apr 2024 | 04:39 AM
Taarek Refaat

By June of this year, the IMF expected that the loan tranche totaling $1.646 billion would have been disbursed, with about 1.228 billion pounds to be disbursed by the end of September of the same year.

While the size of the next tranche will reach approximately 1.228 billion pounds by the end of December 2024

It stressed that disbursing the tranches is in line with the extent of the progress achieved by the Egyptian government in structural reforms within the framework of the agreed upon program

This came in the report of the IMF experts on the first two reviews of the Egypt financing program, which expected that after the completion of the fourth review on September 15, Egypt will receive $1.216 billion, and on March 15, 2025, Egypt will receive $1.216 billion from the International Fund loan after the fifth review.

On September 15, 2025, Egypt will receive $1.216 billion after the sixth review, and $1.216 billion will be received by Egypt after the seventh review.

The third review will be next June 15

The third review of the financing program is expected to be completed on June 15, 2024, and the fourth review on September 15, 2024. Egypt pledged to provide the IMF with accurate and timely data necessary for program monitoring reviews, as well as any information that has a material impact on economic conditions and the program’s objectives.

Last March, the International Monetary Fund announced in a statement that the Fund’s Executive Board had agreed to increase the loan program provided to Egypt by about $5 billion, and Egypt and the International Monetary Fund concluded an agreement to obtain an extended fund facility of $3 billion for a period of 46 months in December 2022.

The Fund said that the first and second reviews of the facility, which had previously been postponed, have now been completed.