CAIRO, March 30 — Egypt will receive the first tranche of an expanded loan agreement with the International Monetary Fund (IMF) next week, Prime Minister Mostafa Madbouly said...
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Madbouly did not specify the figure, but the IMF said on Friday the expanded US$8 billion financial support program enables the immediate release of US$820 million. — Reuters file picCAIRO, March 30 — Egypt will receive the first tranche of an expanded loan agreement with the International Monetary Fund next week, Prime Minister Mostafa Madbouly said during a news conference on Saturday.
Madbouly did not specify the figure, but the IMF said on Friday the expanded US$8 billion financial support program enables the immediate release of US$820 million. The agreement expands a US$3 billion, 46-month Extended Fund Facility signed in December 2022 which was put on hold after Egypt did not follow through on pledges to unpeg its currency, speed up the sale of state assets and implement other reforms.
The IMF agreed to widen the agreement after Egypt’s economy was further hurt by the Gaza crisis, which slowed growth in tourism and triggered attacks from Yemen on shipping in the Red Sea, halving Suez Canal revenue.
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