The IMF board has approved a $3 billion Extended Fund Facility for Egypt following a request from the country. The loan will help the country stave off rising economic challenges and bring back confidence in the financial sector.
Egypt secured the $3 billion loan with exceptional access, as the country had already surpassed the cumulative access limit of 435 percent of its quota under the $5.2 billion Stand-By Arrangement loan it had secured in FY2020/21 to address the impacts of the COVID-19 outbreak.
In December, Egypt received an immediate disbursement of $347 million upon approval from the IMF board. The IMF will conduct a biannual review by the end of December and the end of June of each year before disbursing tranches until the end of the program in FY2025/26.