IMF approves US$5 billion add-on to Egypt's loan programme

30/3/2024 7:16

        The International Monetary Fund said on Friday its executive board has approved a $5 billion add-on to Egypt's loan programme, confirming an announcement
        earlier this month that coincided with the central bank allowing the country's currency to plummet.
        
        Egypt and the IMF had struck a deal for a $3 billion, 46-month Extended Fund Facility in December 2022. The first and second reviews of the facility, previously delayed, were now completed, the fund said.
        
        The augmentation will allow Egypt to immediately draw about $820 million, a statement from the IMF said.
        
        "A strong economic stabilisation plan is being implemented to correct policy slippages," the IMF said, focusing on a liberalised foreign exchange system, tightening of fiscal and monetary policy, reduced public investment and greater space for the private sector.