The International Monetary Fund (IMF) announced Wednesday an expansion of its loan program with Egypt, increasing the total amount from $3bnto $8bn. The original $3bn agreement, reached in December 2022 under the Extended Fund Facility (EFF), aimed to support Egypt’s economic stability through a shift towards a flexible exchange rate system. However, progress stalled due to delays in implementing reforms, including asset divestment and private sector development, and Egypt’s continued tight control over the pound. The IMF considers this agreement crucial for Egypt’s continued stability, which holds significance for the entire region. Social Spending: Vulnerable groups will be protected through continued social safety nets.

Source: Daily News Egypt March 06, 2024 19:11 UTC