International Monetary Fund

Egypt's loan program review to be completed within weeks: IMF’s Managing Director

Tue, 27 Feb 2024 - 09:51 GMT

The International Monetary Fund (IMF) resolved major issues with Egypt in its review of its $3 billion loan program, IMF’s Managing Director, Kristalina Georgieva, announced.

IMF, Egyptian officials making progress on comprehensive policy package: IMF Comms Director

Sun, 25 Feb 2024 - 12:46 GMT

Kozack emphasized that the IMF team and the Egyptian authorities have reached a consensus on the key components of the program, with the authorities demonstrating a strong commitment to its implementation

Working with Egypt 'high priority", significant progress made in economic reform discussions: IMF

Mon, 12 Feb 2024 - 03:48 GMT

This came during her meeting with Egypt’s Prime Minister, Mostafa Madbouly, on the sidelines of the World Government Summit in Dubai.

PM, IMF Director discuss ongoing economic cooperation with IMF

Mon, 12 Feb 2024 - 10:34 GMT

Madbouly confirmed the Egyptian government's commitment to comprehensive economic reforms, including reducing inflation rates, decreasing the debt-to-GDP ratio, and bolstering the private sector.

Egypt’s net international reserves increases to $35.2B in January 2024: CBE

Tue, 06 Feb 2024 - 10:25 GMT

This is a $30 million increase from the $35.21 billion recorded in December 2023

Goldman Sachs predicts Egypt to secure $12B package from IMF

Mon, 05 Feb 2024 - 04:11 GMT

Goldman Sachs also projected that Egypt's financing requirements over the next four years will amount to $25 billion

IMF mission concludes Cairo visit, reports progress in talks with Egyptian authorities

Sun, 04 Feb 2024 - 03:54 GMT

The IMF team and Egyptian authorities achieved "excellent progress in discussions on the comprehensive policy package required to reach an agreement at the expert level for the first and second combined reviews of the Economic Reform Program in Egypt, supported by the Fund."

IMF mission prolongs stay as Egypt pushes to increase loan to $10B

Thu, 01 Feb 2024 - 02:43 GMT

Separate sources have confirmed to news outlets that the Egyptian government has reached an agreement in principle with the IMF, which includes the release of the remaining $3 billion from the loan

IMF lowers growth outlook for Egypt in FY2023/24 to 3%

Tue, 30 Jan 2024 - 01:33 GMT

The IMF expected, in the "World Economic Outlook Update January 2024" issued on Tuesday, the Egyptian economy to grow by 3 percent during the current fiscal year, compared to previous expectations in October of a 3.6 percent growth.

IMF's mission visits Cairo to discuss $3B loan for Egypt's reform program

Sun, 21 Jan 2024 - 03:08 GMT

The IMF mission, headed by Ivanna Vladkova Hollar, Chief of the Middle East and Central Asia department, comprises IMF representatives as well

IMF highlights importance of additional financing for Egypt's program successful

Sun, 14 Jan 2024 - 10:07 GMT

IMF's team is currently engaging in discussions with Egyptian authorities to support the completion of the first and second reviews of the Extended Fund Facility (EFF) that Egypt has with the Fund

IMF Chief, US Secretary pledge support for Egyptian economy amidst challenging times

Wed, 10 Jan 2024 - 02:17 GMT

During the meeting, Secretary Yellen underscored the unwavering support of the United States for Egypt and its ongoing economic reform program

IMF near to approve expansion of Egypt’s loan to $6B

Wed, 20 Dec 2023 - 12:12 GMT

Egypt is close to finalizing of an agreement with the International Monetary Fund (IMF) to enhance its current $3 billion rescue program. According to Bloomberg's sources, the program is expected to be expanded to around $6 billion

IMF comms director confirms discussions to expand $3B loan

Sun, 10 Dec 2023 - 05:54 GMT

“It is clear that additional financing will be critical to ensure the success in the implementation of the policy package for Egypt,” explained IMF Communications Director Julie Kozack during a press conference

IMF near to support Egypt's economic reforms

Mon, 04 Dec 2023 - 03:46 GMT

She stated that Egypt can expect substantial backing from the IMF in the first quarter of 2024

Georgieva, the IMF is “seriously considering” augmenting Egypt’s $3B loan

Sun, 19 Nov 2023 - 11:18 GMT

Georgieva’s comments, during the Asia Pacific Economic Cooperation Summit on Friday, backed up media reports in October that stated that Egypt and the IMF were discussing implementing an increase of up to $5 billion

Egypt’s negotiations with IMF in its advanced stages, deputy finance minister Kouchouk

Wed, 18 Oct 2023 - 03:26 GMT

Egypt and the International Monetary Fund (IMF) are in the advanced stages of negotiations, with a potential announcement for the $3 billion loan’s reviews coming soon

Egypt’s budget deficit to reach 10.7% of GDP in FY2023/24: IMF

Sun, 15 Oct 2023 - 03:33 GMT

The report predicts that the government's primary balance to record 1.5 percent of GDP in 2024 down from the 2.3 percent recorded in 2023.

Egypt reportedly in talks with IMF to increase current loan to $5B

Sun, 15 Oct 2023 - 11:42 GMT

According to people familiar with the discussions, Egypt is aiming to increase its Extended Fund Facility (EFF) loan from $3 billion to $5 billion, adding that the government is confident that it can address any obstacles related to the current package

Moody’s downgrades Egypt's rating from B3 to Caa1, with stable outlook

Fri, 06 Oct 2023 - 02:42 GMT

Moody's Rating Agency (Moody’s) downgrades Egypt's rating from B3 to Caa1, with a stable outlook.