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IMF approves critical financial aid for Egypt

1 min

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.

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