Egypt to receive second tranche of 46-month IMF loan next March

Egypt to receive second tranche of 46-month IMF loan next March

The International Monetary Fund (IMF) approved in December 2022, a 46-month arrangement under the Extended Fund Facility (EFF) for Egypt to receive a loan of $3bn, with the agreement expected to draw in an additional $14bn in financing for the country.

According to a report published by the IMF on Tuesday, Egypt will receive the second tranche of the loan next March.

On 15 March 2023, Egypt will receive a tranche worth $347m (equivalent to 261.13 million Special Drawing Rights units), which is the same value as the first tranche it obtained after signing the loan agreement last December.

The fund explained further that first tranche was disbursed last December, following the approval of the Executive Council, at a value equivalent to $347m.

The rest of the loan will be disbursed in equal amounts of $347m (equivalent to 261.13 million Special Drawing Rights units) during March and September of each year until 2026.

The fund said that the authorities’ economic programme, supported by the proposed EFF arrangement, aims to sustainably address macroeconomic vulnerabilities and promote private-sector-led growth and job creation

The IMF explained further that the 46-month programme aims to support both short- and medium term goals and will be based on three broad pillars:

First, the