Egypt, IMF agree on $5.2 billion release
The International Monetary Fund agreed with Egypt on an economic program in order to acquire the last tranche of the loan which is at $5.2billion. Then a second performance review will release the last $1.6 billion tranche of the loan that was approved last year.
The IMF praised Egypt for the resilience of the Egyptian economy and its commitment to the reform program.
Egypt’s performance helped it maintain relevant stability through the COVID-19 pandemic. The IMF had also loaned Egypt a $2.8 billion emergency loan in 2020 to face the consequences of the pandemic.