Egypt receives $1.2b IMF tranche – Cabinet

Egypt has received a $1.2 billion tranche after the International Monetary Fund (IMF) Executive Board approved the fourth review of the country’s economic reform programme, Cabinet spokesperson Mohamed El-Homsani said on Thursday.

Prime Minister Moustafa Madbouly met with Mohamed Maait, executive director for the Arab Group at the IMF, to discuss the disbursement and the continued cooperation between Egypt and the Fund, according to El-Homsani’s statement.

Officials emphasised that the IMF-backed programme is vital for stabilising macroeconomic indicators, boosting foreign currency reserves, meeting financing needs, reducing inflation, and supporting overall economic growth.

The meeting also addressed global and regional economic developments, including the outlook for upcoming IMF meetings and the impact of global trade shifts on Egypt’s growth prospects.

Subediting: M. S. Salama

Subediting: Y.Yasser