The International Monetary Fund logo is seen inside its headquarters at the end of the IMF/World Bank annual meetings in Washington. Photo: Reuters
The deal signals the culmination of months-long negotiations to secure additional financing for Egypt's economic development.
Kristalina Georgieva, director of the IMF, said last week that substantial progress had been made in resolving key issues related to the review of a $3 billion loan programme with Egypt.
Georgieva expressed optimism about the imminent finalization of additional financing arrangements, which are poised to bolster Egypt's economy and pave the way for sustainable growth.
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.
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