Director of the IMF's Communications Department, Julie Kozack.
Julie Kozack, director of the IMF's Communications Department, shared this in reply to Ahram Online’s questions on the possible outcomes of Monday’s meeting during a hybrid press briefing of the fund on Thursday.
The RSF provides affordable long-term financing to countries undertaking reforms to reduce risks to prospective balance of payments stability, including those related to climate change and pandemic preparedness.
“The authorities would have access to $1.2 billion under the EFF programme; in addition, it would be subject again to approval by our executive board regarding the RSF. The size of the RSF would be about $1.3,” Kozack noted.
Kozack explained to Ahram Online that, like all IMF programmes, the RSF is also delivered in tranches, which means that financing would not be disbursed as a one-lump sum.
“It is a phased programme where tranches are disbursed based on conditions being met. And what I can say today is just that we will provide, of course, more details following the board meeting on Monday,” she added.
After over two months of reaching a staff-level agreement on the fourth review of the EFF programme for Egypt, the fund’s executive board has scheduled Egypt in its meetings calendar on 10 March.
This review is the first to be completed after the fund had raised the original amount of the loan under the programme from $3 billion to $8 billion in response to the Egyptian government’s request to address the consequences of the regional geopolitical tensions.
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