The International Monetary Fund (IMF) has approved the immediate disbursement of $820 million to the Egyptian government, marking the first two installments of a $3 billion aid program initiated in late 2022.
Amid inflation and currency devaluation, the Central Bank of Egypt hiked interest rates significantly, affecting the Egyptian pound © Mena Today
The International Monetary Fund (IMF) has approved the immediate disbursement of $820 million to the Egyptian government, marking the first two installments of a $3 billion aid program initiated in late 2022.
This long-awaited financial support comes as Egypt faces escalating economic difficulties, with the IMF also endorsing an additional $5 billion increase early this month, raising the total funds loaned to Egypt to $8 billion.
Despite meeting most program milestones, Egypt fell short on foreign reserve levels.
Amid inflation and currency devaluation, the Central Bank of Egypt hiked interest rates significantly, affecting the Egyptian pound and living standards.
Despite these challenges, the IMF forecasts positive growth and inflation reduction for Egypt by 2024/25.
Egypt's total budget deficit fell to 505 billion Egyptian pounds ($10.5 billion) in fiscal 2023/24 that ended on June 30, compared with 610 billion pounds a year earlier, finance minister Ahmed Kouchouk said in a statement on Wednesday.
Tunisia's prime minister urged European countries on Wednesday to increase financial assistance to his country and others to help tackle the flow of migrants from sub-Saharan Africa.
Egypt will halt load-shedding power cuts during the summer as of Sunday, after some natural gas shipments arrived, Prime Minister Mostafa Madbouly said on Wednesday, in a bid to end a crisis that inconvenienced a population of 106 million.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.