The International Monetary Fund (IMF) plans to provide Egypt with $1.3 billion in additional funding under the Resilience and Sustainability Program, pending approval from the IMF’s Executive Board. IMF Managing Director Kristalina Georgieva expressed confidence in securing approval, reaffirming the IMF’s support for Egypt’s economy.
Georgieva stated that while economic challenges have led to some adjustments, the core reform goals remain unchanged. She emphasized that Egypt is committed to its reform agenda and is adjusting fiscal and monetary policies to maintain economic and social stability.
Regarding the decline in Suez Canal revenues, she explained that external factors prompted the IMF to reassess Egypt’s reform strategy, ensuring it aligns with current financial conditions.
Additionally, IMF spokesperson Julie Kozack announced that the fourth review of Egypt’s economic program will be discussed in the coming weeks. Fakhry al-Fiqi, a former IMF expert, highlighted that Egypt qualifies for special financing due to its foreign exchange crisis, with funds directed toward climate and environmental projects. The financing comes with low interest rates and extended repayment periods.
