Egypt Has Repaid USD 10 Billion to IMF Since 2016
Egypt has received USD 28 billion in IMF support through three separate cooperation programs since November 3rd, 2016.
May 04, 2025
Egypt has paid more than USD 10 billion to the International Monetary Fund (IMF), excluding interest, since it began receiving funding from the institution in 2016. The announcement was made by Mohamed Maait, the Executive Director representing the Arab Group at the IMF, in a press statement in Washington.
The country has received a total of USD 28 billion in IMF support through three separate cooperation programs since November 3rd, 2016. The current USD 8 billion program is scheduled to continue through December 2026, although Egypt has so far received less than half of the total amount.
Despite regional tensions and a sharp decline in Suez Canal revenues, Egypt has repaid a significant portion of its loans while boosting its foreign reserves to USD 47.4 billion. Foreign direct investment reached about USD 46 billion in 2024, supported by recent policy changes such as exchange rate unification and tax incentives.
The IMF's Executive Board recently approved a USD 1.3 billion financing agreement focused on climate-related reforms. The Central Bank of Egypt is also navigating interest rate decisions cautiously following a rate cut last month, the first in nearly five years, as inflation fell to 13.6%. The IMF is preparing its fifth review of Egypt's program, with a USD 1.2 billion tranche expected afterward.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East
7 hours ago
- Middle East
OPEN// PM chairs economic ministerial group meeting
CAIRO, June 11 (MENA) - Prime Minister Mostafa Madbouli chaired a meeting of the economic ministerial group on Wednesday to review several important economic files. The meeting was attended by Governor of the Central Bank of Egypt (CBE) Hassan Abdallah along with the ministers of planning, finance, investment, and supply. The meeting highlighted the progress of the economic reform program as regards the fifth review of the program carried out by the government and CBE in cooperation with the International Monetary Fund (IMF), according to Cabinet Spokesman Mohamed el Homsani. The meeting also tackled the prominent measures implemented under the IMF Resilience and Sustainability Facility (RSF) program, the spokesman added. He noted that the inflation rate in June stands within the target range set by the IMF's quantitative performance criteria, and is expected to decline in 2026. However, there are still some bullish risks due to the implications of protectionist trade policies at the global level, as well as escalating regional tensions and conflicts, the spokesman pointed out. (MORE) M A A/S R E
Mid East Info
18 hours ago
- Mid East Info
COT Report: Metals, energy demand offset by broad Ag selling
Ole Hansen, Head of Commodity Strategy, Saxo Bank In the latest reporting week to 3 June, the period saw the USD trade broadly weaker. Speculators nevertheless responded by reducing their overall short USD position versus the eight IMM FX futures contracts by 8%, to USD 12.2 billion. At the individual currency level, buying of EUR and MXN was more than offset by selling of JPY and CAD. Strong metals and energy demand offset by agriculture selling The reporting week to 3 June showed a major divergence in hedge funds' appetite for exposure—strong demand for energy and metals, both precious and industrial, was partly offset by broad net selling across the agriculture sector. Overall, the Bloomberg Commodity Index rose 0.4% during the week, with strong gains across both metals sectors being offset by a 3.4% loss in the agriculture sector, where all components except coffee suffered setbacks. At the individual commodity level, hedge funds concentrated their demand in WTI crude oil, gas oil, natural gas, gold, and silver. Meanwhile, the broad selling in agriculture was led by soybeans, corn, and sugar. Silver—which had yet to break the USD 35 resistance level as of last Tuesday—saw its net long rise by 36% to 45.4k contracts, just 4.3k contracts below the five-year high set in March. In contrast, fresh short selling reduced the platinum net long by 31% to 12.8k contracts, just before prices embarked on a fresh surge that resulted in a 12% rise since last Tuesday.
CairoScene
a day ago
- CairoScene
UAE Ranks 1st in Arab World & 32nd Globally for AI Readiness
Coursera's 2025 AI Maturity Index places the UAE first in the region and 32nd globally out of 109 countries. Jun 10, 2025 The United Arab Emirates has ranked first in the Arab world and 32nd globally on Coursera's AI Maturity Index, which evaluates countries' readiness to adopt artificial intelligence based on user data and external metrics from the IMF and OECD. The index reflects the UAE's accelerating efforts to integrate generative AI across public and private sectors. Key government-led initiatives include the planned development of a 5-gigawatt AI cluster and the introduction of AI as a mandatory subject in government schools. These steps align with the UAE's National Artificial Intelligence Strategy 2031, which aims to position the country as a global hub for AI innovation and increase the digital economy's contribution to over 20% of non-oil GDP by the same year. The report shows that the number of learners enrolling in generative AI courses in the UAE grew by 344% year-on-year—more than doubling the global average of 195% and far surpassing the MENA regional average of 128%. According to Coursera's data, 87% of UAE employers prioritise equipping their workforce with technology, AI, and data analysis skills, reflecting rising demand for digital talent. 13% of the UAE's workforce is currently engaged with Coursera's online courses, and the country has seen a 41% increase in professional certificate enrolments, including a 14% rise in cybersecurity programmes. This growth underscores the UAE's regional leadership in digital skill development and workforce readiness. The UAE also ranks first in the region and 38th globally in overall skill proficiency across business, technology, and data science. The country scored particularly high in business skills (85%), with strong results in technology (52%) and data science (59%). Of the 10.8 million users on Coursera across the Middle East and North Africa, 1.3 million are based in the UAE, with an average learner age of 36.
