IMF and Egypt Reach Initial Deal for $820 Million Disbursement
- Egypt’s IMF loan has risen to $8 billion from $3 billion
- Nation’s economy has been hurt by Gaza war, Red Sea attacks
This article is for subscribers only.
The International Monetary Fund and Egypt reached a preliminary agreement that should help unlock the next disbursement of the North African nation’s $8 billion loan.
The staff-level agreement, which must be approved by the organization’s board, will give Egypt access to about $820 million, the IMF said in a statement on Thursday. The nation and fund economists came to terms on policies and reforms that the country should implement to complete the third review of its loan, originally agreed in December 2022.