During a news conference on March 30, Egyptian Prime Minister Mostafa Madbouly announced that Egypt will receive the first installment of an expanded loan agreement with the International Monetary Fund (IMF) next week.
The agreement extends a 46-month Extended Fund Facility worth $3 billion, signed in December 2022. However, the agreement was put on hold after Egypt failed to meet certain obligations, such as unpegging its currency, accelerating the sale of state assets, and completing other reforms.
The Prime Minister also mentioned that he was monitoring foreign currency flows in cooperation with Central Bank Governor Hassan Abdullah.
He further confirmed that the first tranche of the IMF loan will be received next week and that his administration is committed to completing all reform initiatives and restoring dollar flows back to normal.
Although Madbouly did not specify the loan amount, the IMF stated on Friday that the extended $8 billion financial support program allows for the immediate release of $820 million.
