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Egypt likely to receive $20 bln financing over four years: Report

Egypt is likely to receive $20 billion in loans and investments from the International Monetary Fund (IMF) and other entities over four years.
11.12.23 | Source: Ahram Online

The report expects the IMF to expand its $3 billion four-year loan programme with Egypt to $10 billion to be disbursed over four years with possible adjustment to the repayment schedule. The report said that Egypt is scheduled to repay around $5 billion to the IMF in 2024. 

It notes that “other creditors and direct investors” could inject $10 billion in financing into Egypt to eliminate the gap between the gap between parallel and official rates exchange rates.

According to the Central Bank of Egypt (CBE), Egypt’s debt owed to the IMF reached $21.2 billion by the end of June 2023.

Egypt’s external debt reached $164.73 billion at the end of June 2023, the CBE’s data showed. The country is required to pay $29.23 billion in external debt service in 2024, $19.43 billion in 2025, and $22.94 billion in 2026.

Last week, Julie Kozack, the IMF’s director of strategic communications (COM), told Ahram Online that the IMF is currently discussing with Egyptian authorities providing additional financing to ensure the successful implementation of the policy package for Egypt to help it withstand the repercussions of the recent conflict in the Middle East and its potential adverse impact on tourism revenues.