IMF Grants Initial Approval for $1.2 Billion Fourth Review for Egypt

The International Monetary Fund (IMF) has announced that it has reached a staff-level agreement regarding the fourth review under the Extended Fund Facility arrangement with Egypt, potentially unlocking a payment of $1.2 billion under the program.

An IMF team led by Ivanna Vladkova Hollar held face-to-face meetings with officials from November 6 to 20, followed by virtual discussions.

At the conclusion of the talks, Vladkova Hollar stated: "We are pleased to announce that Egyptian officials and the IMF have reached a staff-level agreement on the fourth review under the Extended Fund Facility (EFF) arrangement. Subject to the approval of the Executive Board, Egypt will be able to access approximately $1.2 billion (922.87 million SDR). Despite regional tensions that have caused a sharp decline in Suez Canal revenues, Egyptian officials have continued to implement key policies to maintain macroeconomic stability. In light of challenging external conditions and a difficult domestic economic environment, the authorities have requested a recalibration of their medium-term fiscal commitments."