Egypt to receive 4th tranche of EFF loan within days: IMF executive director - Economy
Egypt will receive the $1.2 billion fourth tranche of its loan under the Extended Fund Facility (EFF) programme within days, International Monetary Fund (IMF) executive director Mohamed Maait told Al-Arabiya Business via phone interview on Tuesday.
Maait indicated that the IMF's Executive Board recognizes and appreciates the economic reforms implemented in Egypt since March 2024, including reducing the inflation rate and increasing foreign reserves to $47.4 billion, as well as the Ministry of Finance's efforts to achieve a primary surplus and reduce public debt.
Maait stated that the IMF understood Egypt's requests to postpone certain measures within the economic reform programme and to lower the targeted primary surplus in the public budget.
This review, discussed in a Monday meeting, is the first to be completed after the fund had raised the original amount of the loan under the programme from $3 billion to $8 billion in response to the Egyptian government's request to address the consequences of the regional geopolitical tensions.
The meeting was expected to decide on Egypt's request to secure a $1.3 billion loan under the Resilience and Sustainability Facility (RSF). However, the Fund has yet to announce the results of the meeting.
The RSF provides affordable long-term financing to countries undertaking reforms to reduce risks to prospective balance of payments stability, including those related to climate change and pandemic preparedness.
'The authorities would have access to $1.2 billion under the EFF programme; in addition, it would be subject again to approval by our executive board regarding the RSF. The size of the RSF would be about $1.3,' director of the IMF Communications Department Julie Kozack told Ahram Online earlier this month.
Additionally, the IMF was meant to hold a media roundtable on Tuesday following the anticipated approval of the review, but the event was delayed due to 'technical issues.'
Finance Minister Ahmed Kouchouk stated that the IMF approved the disbursement of the fourth tranche of Egypt's loan as part of an extended support program worth $8 billion.
In December, the IMF announced that it reached a staff-level agreement regarding the fourth review under the EFF with Egypt, enabling the disbursement of $1.2 billion as part of the programme, a total loan signed by Egypt in March 2024 spanning 46 months.
Follow us on:
Facebook
Instagram
Whatsapp
Short link:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Independent
an hour ago
- Egypt Independent
Egypt, Nigeria FMs discuss economic ties and African security
CAIRO, June 7 (MENA) – Foreign Affairs, Emigration and Expatriates Minister Badr Abdelatty praised the strong ties and historical relationship between Egypt and Nigeria, highlighting a shared commitment to building on existing opportunities to advance cooperation—particularly in economic, trade, and investment sectors, with a focus on agriculture. During a phone call on Saturday with Nigerian Foreign Minister Yusuf Tuggar, Abdelatty pointed to the significant presence of Egyptian companies across Africa and voiced interest in exploring new joint investment opportunities that offer mutual benefit. The two ministers exchanged views on developments across the African continent and discussed ways to deepen cooperation and coordinate positions within the African Union to strengthen peace and security—especially in the Sahel region. Abdelatty reaffirmed Egypt's readiness to support efforts to counter terrorism and extremism in light of security threats in the Sahel. He also emphasized Egypt's commitment to supporting Nigeria through capacity-building programs, including cooperation with Al-Azhar in combating extremist ideologies. The conversation also included an exchange of perspectives on Middle East developments, particularly the situation in Gaza. Abdelatty briefed his Nigerian counterpart on Egypt's ongoing efforts to broker a ceasefire and ensure the delivery of humanitarian aid, while condemning Israel's continued violations of international law and international humanitarian law and its actions against Palestinian civilians, which he said run counter to global calls for an immediate end to the war and unimpeded humanitarian access.
Egypt Today
2 hours ago
- Egypt Today
Egypt localizes Metro manufacturing, contracts for 189 cars for Alexandria Metro
CAIRO – 9 June 2025: An agreement was signed in Alexandria Governorate to localize and supply 21 metro train units, comprising 189 cars, for the Alexandria Metro project. The project which is currently in its first phase is expected to be extending 21.7 km from Abu Qir Railway Station to Misr Station in Alexandria. The project comes as part of the Ministry of Transport's comprehensive plan to establish a sustainable, green, and environmentally friendly mass transit network in Alexandria, along with plans to localize several industries, rely on local manufacturing, and reduce the import bill. The Metro project units are scheduled to be manufactured at the National Egyptian Railway Industries Company (NERIC). The metro and all types of trains are among the industries the Egyptian government is working to localize. The Ministry of Transport is cooperating with South Korea's Hyundai Rotem, through a partnership with (NERC), to establish a factory for the production of metro trains. The Ministry has contracted with the National Authority for Tunnels to manufacture and localize the production of 40 metro trains, totaling 320 cars, for the second and third lines of the Greater Cairo Metro. The factory is currently being constructed in East Port Said.
Egypt Today
14 hours ago
- Egypt Today
India plans to import fruits, fertilizers, manufactured goods from Egypt: Indian ambassador.
Indian ambassador Suresh K. Reddy CAIRO - 9 June 2025: India looks forward to boosting Egyptian exports to the Indian market, including citrus fruits, lemons, fertilizers, manufactured goods, and many other products, ambassador Suresh K. Reddy said Sunday. In an interview with Cairo News T.V. Channel, the Indian ambassador to Cairo said India has already invested more than $4 billion in Egypt, and Indian companies have contributed to creating more than 38,000 job opportunities. Reddy highlighted that India has become the fourth largest economy in the world and is working on major renewable energy projects. Once completed, Indian investments in Egypt are expected to increase by an additional $10 billion.
