Egypt will also receive $5 billion from international partners and $1 billion from a sustainable fund which will help the country finance its external funding gap
Egypt has reached a staff-level agreement with the International Monetary Fund (IMF) after months of discussion, announced IMF's representative in Egypt, Ivana Holler, on state TV this morning.
The agreement will see Egypt receiving $3 billion worth of funding that will run over 46 months to support the economy as it tackles the impact of the Russia/Ukraine conflict.
Egypt will also receive $5 billion from international partners and $1 billion from a sustainable fund which will help the country finance its external funding gap, revealed Reuters which cited local officials.
Currently, Egypt receives foreign financing worth $9 billion, including $3 billion from the IMF, $1 billion from the IMF's Resilience and Sustainability Trust (RST), and $5 billion from international partners, said Finance Minister Mohamed Maait in a press conference.
The agreement with the International Monetary Fund is consistent with the economic reform measures in Egypt, said CBE's acting governor Hassan Abdalla.
Earlier today, the CBE’s Monetary Policy Committee meet in an unscheduled meeting to raise key interest rates by 2%.
*article has been edited with correct number of months, after translator at press conference stated 6 months and was later corrected by official IMF statement
