RIYADH: Egypt will potentially have access to around $1.2 billion from the International Monetary Fund, following a staff-level agreement under the Extended Fund Facility.
The agreement, which is subject to approval by the IMF’s Executive Board, aims to provide crucial financial support as Egypt navigates a challenging economic landscape.
The funding is part of Egypt’s broader efforts to stabilize its economy amidst high inflation and lower-than-expected revenues, including a decline in Suez Canal earnings.
“The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions that are causing a sharp decline in Suez Canal receipts,” said Ivanna Vladkova Hollar, who led the IMF mission to Egypt.
The country incurred losses of $8 billion due to a sharp decline in Suez Canal revenues, as revealed by Egyptian Foreign Minister Badr Abdelatty last month.
