Egypt to receive $1.2bn as part of IMF programme in January, finmin says
The North African country is targeting about $3bn in the remainder of the current fiscal year, which runs until the end of June
Egypt is expected to receive a $1.2bn disbursement from the International Monetary Fund (IMF) this month as part of an $8bn programme with the international lender, Finance Minister Ahmed Kouchouk said on Sunday.
Last month, the IMF said it reached a staff-level agreement with Egypt on the fourth review of the 46-month Extended Fund Facility arrangement, potentially unlocking the $1.2bn disbursement.
“The (IMF’s executive) board will convene in January and, God willing, we will receive the amount in January,” Kouchouk told ON TV in an interview, adding Egypt had not requested an increase to the $8bn loan.
Egypt, grappling with high inflation and shortages of foreign currency, agreed to the expanded IMF programme in March. A sharp decline in Suez Canal revenue caused by regional tensions over the last year compounded its economic woes.
Kouchouk also said Egypt is targeting about $3bn in the remainder of the current fiscal year, which runs until the end of June, through “diverse issuances” to investors without elaborating further. His comments came in response to a question about whether Egypt plans to offer new bonds to foreign investors this year.
