Egypt reaches 46-month expert-level agreement with IMF worth $3B – Egypt Today

Egypt reaches 46-month expert-level agreement with IMF worth $3B – Egypt Today

CAIRO - 27 October 2022: The International Monetary Fund (IMF) staff and Egypt announced reaching a staff-level agreement on comprehensive economic policies and reforms that will be supported by a $3 billion Extended Fund Facility (EFF) arrangement for a 46-month period.

The new financing aims to protect macroeconomic stability and debt sustainability, improve Egypt's resilience to external shocks, strengthen its social safety net, and intensify reforms that support private sector-led growth and job creation.

The IMF arrangement is expected to catalyze a large multi-year financing package, including about $5 billion in the 2022/2023 fiscal year, which reflects broad international and regional support for Egypt, according to the IMF’s statement.

The Egyptian authorities have also requested funding under the newly established Resilience and Sustainability Facility (RSF), which could provide up to an additional $1 billion to Egypt.

During October 4-27, 2022, an IMF team, led by Ivanna Vladkova Hollar, Mission Chief for Egypt, held meetings in Washington DC and Cairo to finalize discussions on IMF support for Egypt and the authorities’ comprehensive economic reform program.

Commenting on the deal, Hollar said that the new EFF aims to provide Egypt with balance of payments and budget support while catalyzing additional financing from Egypt’s international and regional partners