Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

IMF Lists Egypt on Executive Board’s Calender on March 29

Sun 24 Mar 2024 | 11:57 PM
Taarek Refaat

Informed sources said that Egypt was included on the agenda of the Executive Board of the International Monetary Fund (IMF) on March 29, according to Al Arabiya Business.

This March, the IMF raised its current lending program to Egypt to $8 billion, at a time when the Central Bank allowed the pound to fall, and said that it would allow freedom of currency circulation.

The new agreement allows for an expansion of the $3 billion, 46-month Extended Fund Facility that the International Monetary Fund concluded with Egypt in December 2022, one of whose main provisions was the shift to a more flexible exchange rate regime.

The program faltered when Egypt returned to intervention in managing the exchange rate, in addition to delays in an ambitious program to sell state-owned assets and strengthen the role of the private sector.