IMF, Egypt reach provisional deal unlocking $1.2 billion

IMF, Egypt reach provisional deal unlocking $1.2 billion
International Monetary Fund Managing Director Kristalina Georgieva speaks during a briefing on the IMF's Global Policy Agenda during the International Monetary Fund/World Bank Annual Meetings in Washington, DC on October 24, 2024

The International Monetary Fund announced Tuesday a provisional agreement granting Egypt access to approximately $1.2 billion, pending executive board approval. This deal, achieved during the fourth review under the Extended Fund Facility arrangement, supports Egypt's continued efforts to stabilize its macroeconomy amid regional unrest impacting Suez Canal revenues. Ivanna Vladkova Hollar, leading the IMF mission, emphasized the necessity of ongoing fiscal consolidation to sustain debt viability and manage financing needs.

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