IMF to announce final package of Egypt’s loan deal within weeks: IMF's MD Georgieva

Doaa A.Moneim , Wednesday 28 Feb 2024

The International Monetary Fund (IMF) has resolved key issues with Egyptian authorities regarding the reviews of its $3 billion loan programme and will announce the final financing package within weeks, Kristalina Georgieva, managing director of the IMF, said in an interview with Reuters.

File Photo: Kristalina Georgieva. AFP


Egypt is currently under an Extended Fund Facility (EFF) loan programme with a total of $3 billion, $347 million of which the country was handed upon the fund’s approval of the programme in December 2022.

Since then, Egypt could not complete both the first and second reviews of the loan amid the severe repercussions of the global and regional tensions that weigh heavily on its economy.

Once the first and second reviews are completed, Egypt will receive two tranches of the loan worth $694 million, following the terms of the deal.

Georgieva, in an interview on the sidelines of a G20 finance meeting in Brazil, refused to reveal the amount of the loan increase that Egypt should expect, noting that details are still being finalized, according to Reuters.

However, she stated that the engagement was very constructive and that very encouraging signals about Egypt's views on dealing with heritage issues, which affected its competitiveness, were seen.

In the wake of the Israeli war on Gaza, the fund has revealed in multiple statements that it was discussing with Egyptian authorities an additional financing package besides the ongoing $3 billion loan deal.

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