Egypt Daily News – Egypt has received the $1.2 Billion for the fourth installment of IMF loan. Counselor Mohamed El-Homsany, the official spokesperson for the Prime Minister’s Office, stated that the fourth review installment, amounting to $1.2 billion, has been received.
He confirmed that the economic reform program is efficiently contributing to the return of stability to macroeconomic indicators, increasing foreign currency reserves, meeting financing needs, lowering inflation levels, and recovering economic growth indicators.
This announcement came during a meeting between Prime Minister Dr. Mostafa Madbouly and Dr. Mohamed Maait, the Executive Director, member of the Board of Executive Directors, and representative of the Arab Group and the Maldives at the International Monetary Fund (IMF), held today at the government headquarters in the New Administrative Capital to follow up on several areas of cooperation with the IMF.
El-Homsany explained that the meeting focused on the approval of the IMF Executive Board to complete the fourth review of the economic reform program implemented by the Egyptian government in collaboration with the IMF.
The government spokesperson also mentioned that the meeting covered the IMF’s approval of Egypt’s program with the Sustainability and Resilience Fund, which provides long-term financing at concessional rates amounting to $1.3 billion, in addition to discussing the implementation of the fifth review of the economic reform program in the coming period.
Counselor El-Homsany pointed out that the discussion also touched upon developments in the regional and international economic situation and the status of upcoming IMF meetings this month, particularly concerning global economic conditions and the expected impact on the global trade system and growth rates.
He concluded by noting that the Prime Minister followed up with Dr. Maait on areas of cooperation with the IMF and key components expected in the remaining period of the cooperation program.
