IMF proposes $1.3b RSF for Egypt, pending board approval – chief

The International Monetary Fund (IMF) is proposing a $1.3 billion Resilience and Sustainability Facility (RSF) for Egypt, with the final decision now in the hands of the IMF’s executive board.

IMF Managing Director Kristalina Georgieva expressed confidence in the proposal, emphasising that the package is designed to support Egypt in navigating external economic pressures while maintaining its reform commitments.

“We as management are proposing for the RSF around $1.3 billion. It is for the board to approve or not this amount,” Georgieva stated in an interview with Sky News Arabia on Monday. “…I think we have a credible proposal to our board, so my expectation is for the board to deliberate and approve that proposal.”

The RSF aims to provide Egypt with long-term, affordable financing to enhance economic resilience, address climate-related challenges, and reinforce fiscal stability. The proposal comes amid ongoing regional challenges, including a decline in Suez Canal revenues due to geopolitical instability.

The IMF’s executive board is set to review the RSF proposal alongside the fourth review of Egypt’s economic reform programme in the coming weeks. Approval of the facility would mark a significant step in bolstering Egypt’s economic stability and investment climate amid evolving global and regional conditions.

Attribution: Amwal Al Ghad English