Egypt has not requested an increase in the fourth tranche of the International Monetary Fund (IMF) loan to USD 2 billion (EGP 98.4 billion), the Cabinet Media Center announced on Tuesday, 12 November, refuting claims circulating in some media outlets.
According to the statement, recent reports attributed to senior government officials suggesting that Egypt sought an increase from USD 1.3 billion (EGP 64 billion) to USD 2 billion (EGP 98.4 billion) are “completely baseless.”
The Cabinet clarified that these claims attempt to spread confusion through rumors and misinformation among citizens.
Additionally, the Cabinet urged media outlets to verify information through official sources before publication, highlighting the government’s commitment to transparency, especially on matters related to Egypt’s IMF-supported economic reform program.
Prime Minister Mostafa Madbouly recently met with IMF Managing Director Kristalina Georgieva on the sidelines of COP29 in Azerbaijan. Georgieva commended Egypt’s progress in economic reforms and the significant steps taken under the program.
The Cabinet’s statement follows recent reports from various media outlets suggesting that Egypt had requested an increase in the upcoming fourth tranche of its IMF loan from USD 1.3 billion (EGP 64 billion) to USD 2 billion (EGP 98.4 billion).
The reports attributed this request to additional economic reforms undertaken by the Egyptian government, including subsidy cuts on essential goods and services.
