Egypt Finance Minister Expects Disbursal Of $1.6bn Of IMF Funding By December-End

Egypt expects to receive a $1.6 billion disbursal from the International Monetary Fund by the end of December, Finance Minister Mohamed Maiit said on Monday.

The IMF said earlier this month it had reached a staff-level agreement with Egypt after the first review of a $5.2 billion financing agreement.

The IMF mission to Egypt was completed remotely from Nov. 4 to 15. The Fund discussed with the Egyptian government the latest economic developments and policy priorities in the context of the first economic program for Egypt performance review, which the IMF supports with a 12-month credit readiness agreement worth $5.2 billion.

Maiit said historic economic reforms, the stability of financial and monetary policies in Egypt, as well as structural reforms carried out by the government coupled with the balanced financial policies supported by President Abdel Fattah El-Sisi made it easier for the Egyptian economy to confront the pandemic.