Egypt Receives Additional USD 5 Billion Funding from the IMF ...Egypt

  The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews of Egypt’s Extended Fund Facility (EFF) on 29 March and augmented the arrangement, adding USD 5 billion (EGP 236.9 billion) to the original USD 3 billion (EGP 142.2 billion) plan, which allows Egypt to immediately withdraw around USD 820 million (EGP 38.9 billion) According to a press release by the IMF, the Ras El-Hekma investment deal did ease some of the financial strains Egypt is facing, but “implementation of the economic policies under the program remains critical to address Egypt’s macroeconomic challenges.” “The authorities’ commitment to use a large part of the new financing from th

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