Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

IMF Executive Board to Review Egypt's $8 Billion Loan Request Tomorrow

Thu 28 Mar 2024 | 09:56 PM
The International Monetary Fund (IMF)
The International Monetary Fund (IMF)

The International Monetary Fund (IMF) has scheduled a meeting of its Executive Board for tomorrow, Friday, to discuss the first and second reviews of Egypt's program. This development follows an announcement on March 6th by the IMF, detailing a staff-level agreement with the Egyptian authorities for a financing arrangement worth $8 billion. The discussions have reportedly concluded with a consensus on all details pertinent to Egypt's review stages.

In a press statement, the IMF confirmed that the agreement would be presented for the Executive Board's approval, highlighting significant progress in constructive discussions with the Egyptian government regarding the first and second reviews of the supported economic reform program. The IMF emphasized the critical role of a flexible exchange rate mechanism, agreed upon increases in social spending, and support for the most vulnerable groups. The statement also noted ongoing discussions between the IMF and the Egyptian government as they move into the next phase.

This meeting marks a crucial step for Egypt in securing financial support aimed at bolstering its economic reform efforts. The proposed $8 billion funding package reflects a mutual commitment to enhancing economic stability and growth, with a focus on social inclusion and the welfare of the Egyptian populace.