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IMF approves $820 million disbursement to Egypt under $8 billion loan program
Posted on August 30, 2024 |
The IMF has approved a $820 million payment to Egypt as part of an $8 billion loan program, showing progress since earlier reviews.
Egypt’s economy has improved with reduced inflation, no foreign exchange shortages, and met fiscal targets.
The IMF warns that regional conflicts and tensions still pose challenges, and Egypt needs to continue with program commitments.
The $820 million is part of an $8 billion loan agreement made in March to help Egypt manage the impact of regional issues on its economy.
In the past two years, a shortage of US dollars in Egypt has caused the local currency to lose value and led to a parallel exchange market, worsening the economic crisis.