IMF postpones disbursement of 3rd tranche of loan to Egypt, pending fulfillment of conditions

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Wed, 10 Jul 2024 - 12:22 GMT

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Wed, 10 Jul 2024 - 12:22 GMT

CAIRO - 10 July 2024: According to information provided by IMF Egypt Mission Chief Ivanna Vladkova Hollar to Asharq Bloomberg, the International Monetary Fund (IMF) has decided to postpone the discussion regarding the disbursement of the third tranche of the loan granted to Egypt. The loan, valued at $820 million, will now be discussed on July 29.
 
This postponement comes as a result of certain conditions that need to be met, as communicated by a government official in an interview with Asharq.
 
 These conditions are essential requirements set by the Fund, and further details about them will be provided in due course.
 
In May, the IMF's mission visited Cairo to conduct the third review of Egypt's economic reform program. As per the IMF's report in April, Egypt successfully fulfilled 7 out of the 15 structural benchmarks/commitments outlined in its ongoing $8 billion Extended Fund Facility (EFF) loan program with the IMF.
 
In late March, the IMF's Executive Board approved a $5 billion package for Egypt's loan, completing the eagerly awaited first and second reviews. This approval allowed Egypt to access an initial disbursement of $820 million.
 
Additionally, in March, Prime Minister Mostafa Madbouly announced that Egypt had signed an agreement with the IMF to increase its existing $3 billion deal to $8 billion.
 

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