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Egypt Today
02-03-2025
- Business
- Egypt Today
IMF to review Egypt's loan program on March 10, paving way for $1.2B
CAIRO – 2 March 2025: The International Monetary Fund (IMF) is set to review Egypt's loan program during its upcoming meeting on March 10, 2025. Pending approval, the country is expected to receive the fourth tranche of its loan agreement, valued at $1.2 billion. A senior government official told Youm7 that the funds are anticipated to be disbursed next month following the IMF's confirmation. The source also noted that Egypt has been officially added to the IMF Executive Board's agenda for the March 10 session. The official underscored that this tranche will play a crucial role in bolstering Egypt's foreign exchange reserves, which have reached a record high of $47.3 billion, according to data from the Central Bank of Egypt (CBE). Earlier, the IMF announced it had reached a staff-level agreement with Egyptian authorities for the fourth review under the Extended Fund Facility (EFF). In February, IMF Managing Director Kristalina Georgieva reaffirmed the organization's commitment to supporting Egypt's economy alongside the country's ongoing economic reform efforts. Speaking at the AlUla Emerging Markets Economies Conference in Saudi Arabia, Georgieva highlighted Egypt's progress in implementing IMF-mandated reforms, emphasizing that these measures are strengthening the nation's financial position. Meanwhile, the IMF has adjusted its projections for Egypt's economic growth, lowering its estimates for real GDP growth in FY2024/2025 and FY2025/2026 by 0.5 percent and 1 percent, respectively. The latest World Economic Outlook report also revised the forecast for the current fiscal year, reducing it to 3.6 percent from the earlier estimate of 4.1 percent published in October.
Egypt Today
17-02-2025
- Business
- Egypt Today
IMF reaffirms commitment to supporting Egypt's economic reforms
CAIRO – 17 February 2025: Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), reaffirmed the fund's continued support for Egypt's economy as the country moves forward with its economic reform agenda. Speaking at the AlUla Emerging Markets Economies Conference in Saudi Arabia, Georgieva commended the Egyptian government's progress in implementing IMF-backed reforms, emphasizing that these efforts are reinforcing the nation's financial stability. She underscored that supporting Egypt's economy remains a priority for the IMF, stressing that the fund's primary focus is on economic performance, while political matters fall outside its mandate. Georgieva also announced that the IMF team overseeing Egypt will soon submit its latest review of the country's economic restructuring and financing program to the IMF Executive Board, which will evaluate the findings and make a decision accordingly. She confirmed that the review process and coordination with the Egyptian government are progressing as planned. The IMF Executive Board is set to convene later this month to conduct the fourth review of Egypt's loan program, worth $1.2 billion, alongside discussions on the Resilience and Sustainability Facility, expected to disburse $1.3 billion in phases. Additionally, the board will assess the results of Egypt's Article IV Consultation, which has been completed, and the fourth review of the Extended Fund Facility, which will determine the release of a $1.2 billion tranche.
