Egypt requests increased IMF loan tranche to $2B amid fourth review
Updated 11/12/2024 8:16:00 AM
Arab Finance: Egypt has requested the International Monetary Fund (IMF) to raise the upcoming fourth tranche of its loan package from $1.3 billion to $2 billion, unnamed senior government officials told Asharq Business.
The fourth review of Egypt’s loan program is currently undergone by IMF representatives in Cairo.
Officials noted that the Egyptian government’s request for an increased tranche reflects its achievement of more reforms than required during the current IMF review.
These reforms have included significant subsidy cuts to essential goods and services, such as fuel, bread, and electricity, resulting in substantial consumer price increases.
The IMF’s fourth review of Egypt’s economic reform program began earlier this month, with a focus on evaluating the nation’s progress in meeting IMF conditions linked to a larger $8 billion support package agreed upon last March.
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