CAIRO – 30 July 2024: The International Monetary Fund's Executive Board has greenlit Egypt's economic reform program's third review, totaling $820 million. This approval signals the imminent disbursement of the third tranche, part of an $8 billion agreement sanctioned in March. Additionally, Egypt can seek an extra $1.2 billion in financing from the Resilience and Sustainability Trust Fund following the Board's nod. Despite persistent inflation at high levels, the Fund noted a gradual decline, attributing Egypt's commitment to a flexible exchange rate system as pivotal to their program. Concurrently, Egypt's external debt plummeted to $153.86 billion by May 2024, down from $168.03 billion in December 2023, showcasing a remarkable $14.17 billion reduction—the largest ever recorded in the history of Egypt's external debt, as reported by a Central Bank of Egypt official in July.

Source: Egypt Today July 30, 2024 15:45 UTC