During a meeting between IMF Managing Director Kristalina Georgieva and Prime Minister Mostafa Madbouly, it was stated that the IMF supports Egypt's efforts to implement structural reforms aimed at bolstering the Egyptian economy.
Madbouly expressed gratitude for the collaboration between the Egyptian government and the IMF, emphasizing that the approval to increase the value of the financing program provided to Egypt reflects the high level of confidence the international financial institution has in the Egyptian economy.
This announcement was made during Madbouly's participation in the opening session of the World Economic Forum in Riyadh, where he represented President Abdel Fattah El-Sisi.
In April, Minister of Finance Mohamed Maait mentioned that the IMF would complete the third review within three months, enabling Egypt to receive an additional $820 million.
Egypt has already received $820 million as a result of the completion of the first and second reviews.
In March, Madbouly had previously announced that Egypt had signed an agreement with the IMF to augment its existing $3 billion deal to $8 billion.
Madbouly also disclosed that Egypt would receive $12 billion in soft loans from the World Bank and the European Union.
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