IMF Executive Board Approves 46-month US$3 billion Extended Arrangement for Egypt

A press release from the International Monetary Fund (IMF) states that the Executive Board of the IMF approved a 46-month arrangement under the Extended Fund Facility (EFF) for Egypt in an amount of SDR 2,350.17 million (equivalent to 115.4 percent of quota or about US$3 billion).

The Executive Board’s decision enables an immediate disbursement of SDR 261.13 million (equivalent to about US$ 347 million), which will help meet the balance of payments need and provide support to the budget.

Over the course of the program, the EFF is expected to catalyze additional financing of about US$14 billion from Egypt’s international and regional partners, including new financing from GCC countries and other partners through the ongoing divestment of state-owned assets as well as traditional forms of financing from multilateral and bilateral creditors.

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