Egypt Unlocks $820 Million in IMF Funding After Review
- Efforts to restore macroeconomic stability seeing results: IMF
- Deal with lender is a cornerstone of Egypt’s global bailout
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Egypt completed a much-anticipated review of its expanded International Monetary Fund loan program, unlocking $820 million in support for an economy emerging from its worst crisis in decades.
“The Egyptian authorities’ recent efforts to restore macroeconomic stability have started to yield positive results,” the IMF said in a statement Monday in Washington after its board ratified a preliminary agreement reached last month. It added that fiscal targets including those related to spending on large infrastructure projects have been met.