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IMF approves $820 million loan for Egypt’s economic stability

Posted on August 1, 2024 |

The IMF has completed its third review of Egypt's Extended Fund Facility (EFF) arrangement, granting Egypt access to about $820 million immediately.

Egypt's economic conditions have improved since the March review, with easing inflation, resolved foreign exchange shortages, and met fiscal targets.

Inflation is decreasing, and the country has addressed previous foreign exchange issues; fiscal goals, including those for major infrastructure projects, have been achieved.

The IMF advises Egypt to keep a flexible exchange rate and open a foreign exchange system to avoid external imbalances.

The IMF also suggests that Egypt’s Central Bank should use data-driven strategies to manage and reduce inflation.

Continued implementation of these recommendations is expected to support Egypt’s economic stability and growth.

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