Egypt repays $10 billion to the International Monetary Fund
The Executive Director for the Arab Group at the International Monetary Fund (IMF), Mohamed Maait, stated that Egypt has repaid more than $10 billion to the Fund from the principal amount of previous financing it received, excluding interest.
In statements made on Thursday, Maait clarified that the total financing related to cooperation programs between Egypt and the IMF, amounting to three financing programs since November 3, 2016, up to the present, has reached $28 billion, including the current program.
He pointed out that the current cooperation program between the two sides is valued at $8 billion and ends at the end of December 2026, noting that Egypt has received less than half of its value so far, with approximately $5 billion remaining to be disbursed.
He added that 'the world, through financial institutions and the international investment community, appreciates the Egyptian reform experience, which has enabled the Egyptian economy to withstand successive international and regional crises, the latest being the customs duties crisis imposed by the United States of America on many countries worldwide.'
Maait affirmed that the next phase for the development of the Egyptian economy focuses on investment, growth, and employment, which will support the sustainability of GDP growth rates and increase export rates.
In recent days, the International Monetary Fund disbursed the fourth tranche to Egypt, amounting to $1.2 billion, which has been deposited into the foreign currency reserves at the Central Bank of Egypt, according to Maait.
He noted that the Fund's Executive Board approved a $1.3 billion financing program for Egypt in recent months from a special fund for climate financing, resilience, and sustainability, allocated to reforms related to climate change such as renewable energy, water, and the reduction of carbon emissions.
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