Egypt could receive $1.8 bln IMF tranche on 3 Aug. – mission chief

Egypt is expected to receive a $1.8 billion disbursement from the International Monetary Fund (IMF) as early as Monday, 3 Aug., following the Fund’s approval of the latest reviews of the country’s loan programme, IMF Mission Chief for Egypt Amine Mati said on Friday.

“The money should be coming by Monday, 03 August,” Mati, the IMF’s Assistant Director and Mission Chief for Egypt, told a virtual press conference.

The IMF’s Executive Board on Thursday completed the seventh review of Egypt’s 46-month Extended Fund Facility (EFF) programme and the second review under the Resilience and Sustainability Facility (RSF), allowing the country to draw about $1.8 billion.

The approval brings Egypt’s total disbursements under the IMF-supported programme to around $5.8 billion.

Egypt has been implementing reforms under the $8 billion EFF programme, including a shift to a flexible exchange rate, fiscal consolidation measures and steps to expand the role of the private sector and reduce the state’s footprint in the economy.

The latest tranche is expected to bolster Egypt’s foreign currency reserves as the government continues to pursue reforms to restore macroeconomic stability and attract private investment.

Attribution: Amwal Al Ghad English