IMF to discuss Egypt’s $3bn loan awaited deal on Dec. 16

The International Monetary Fund’s (IMF) executive board calendar showed that it will hold a meeting on Egypt next week as the country awaits final approval of the $3 billion loan deal.

IMF website showed a restricted meeting scheduled for Dec. 16 on Egypt, without giving any further details, as the board had been expected to discuss the deal this month.

Egypt hopes to receive this month the first tranche worth $750 million of the $3 billion loan, Minister of Finance Mohamed Maait told reporters on Sunday.

Maait added that the IMF estimated Egypt’s finance gap at $16 billion during the 46 months that is the maturity of the new loan programme, with an average of $4 billion each year.

The funding aims to helping shore up Egypt’s economy as it grapples with the fall-out from Russia’s invasion of Ukraine.

Noteworthy, the new loan is a part of a total of $9 billion in financing Egypt which expected to secure from its international and regional development partners.