Latest news with #SustainabilityandResilienceFund
Zawya
04-04-2025
- Business
- Zawya
Egypt receives $1.2bln as 4th tranche of IMF's EFF program
Arab Finance: Egypt has received the $1.2 billion fourth tranche of its loan from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) program, the Egyptian cabinet announced on April 2nd. The statement also revealed that the Prime Minister Mostafa Madbouly met with the Executive Director and Board Member of the IMF Mohamed Maait to follow up on the country's economic reform program. The meeting focused on several key issues related to their ongoing cooperation. It also addressed the approval by the IMF's Executive Directors of Egypt's program with the Sustainability and Resilience Fund, which will provide long-term, concessional financing of $1.3 billion. Additionally, discussions included the next steps for the fifth review of the economic reform program, which is expected to take place over the coming period. Another key topic of the meeting was the ongoing global and regional economic conditions. The two leaders discussed developments in the international economic situation and the potential impact on global trade systems and growth rates. Moreover, the meeting also looked ahead to the upcoming IMF meetings later this month, which will further address these issues. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
CairoScene
02-03-2025
- Business
- CairoScene
IMF Board to Review Egypt Loan Request on March 10th
An agreement on the fourth review has already been reached, paving the way for the potential disbursement of USD 1.2 billion. Mar 02, 2025 The International Monetary Fund (IMF) is set to review Egypt's request for a loan under the Sustainability and Resilience Fund (RSF) on March 10th, alongside the fourth review of the country's USD 8 billion Extended Fund Facility. An agreement on the fourth review had already been reached, paving the way for the potential disbursement of USD 1.2 billion, pending approval from the IMF's executive board. Discussions between Egyptian authorities and the IMF took place in person from November 6th to the 20th, 2024, followed by virtual negotiations that culminated in the recent agreement. As part of the ongoing IMF program, Egypt has been working to restructure its medium-term financial commitments, aiming to align with the fund's requirements while stabilising its economy. The IMF has reaffirmed its commitment to supporting Egypt's economic reform efforts, emphasizing the importance of continued progress in implementing mandated reforms to strengthen the country's financial position. Despite these developments, the IMF has revised Egypt's economic growth projections, lowering the forecast for the 2024-2025 fiscal year to 3.6%, a 0.5 percentage point decrease from previous estimates. Growth is expected to rise to 4.1% the following year. Meanwhile, Egyptian authorities have introduced a USD 4 billion social support package, which includes an increase in the minimum wage to EGP 7,000, higher pension payments, and expanded aid programs. The measures are intended to ease financial pressures on households amid inflation, particularly during Ramadan and the upcoming fiscal year.
