June 11, 2024
On June 6th, 2024, an agreement was reached between Egypt and the International Monetary Fund( IMF). This decision comes after a staff-level agreement, which was made public on 6th June 2024 between the IMF and Egypt.
The International Monetary Fund(IMF) announced that approximately $820 million will be available to Egypt pending approval by the Executive Board of the International Monetary Fund(IMF).
Subject to the Executive Board of the International Monetary Fund, as well as pending approval, an agreement would be reached to provide Egypt with close to 820 million dollars to implement economic reforms, which it has been working on.
It is a portion of the extended fund facility meant for Egypt, which is supposed to help its economy grow and stabilise.The International Monetary Fund has made this determination after examining the progress of Egypt’s economy using a staff-level appraisal, showing it has made immense strides in implementing economic reforms.
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It is to be applied in supporting the country’s economic advancement, including financing infrastructure projects and those concerned with health care delivery and provision of educational services.
The decision was welcomed by Mohamed Maait, who is Egypt’s Finance Minister, because he believes that it will lead to the continued implementation of economic policies aimed at enhancing people’s way of life. It means that the IMF is likely to approve this proposal within a few weeks from now, paving the way for Egypt’s receipt of $820 million.
The deal is considered by many as a significant economic boost for Egypt and is projected to have positive implications for the economy of Egypt. Funds from the International Monetary Fund that are expected to be available to Egypt will assist it in undertaking various economic reforms, bringing about financial stability and boosting economic growth.
