The Executive Board of the International Monetary Fund has approved a $3 billion loan to Egypt on the condition that the first installment of the $750 million loan is disbursed within a few days.
The most important provisions of the decision are as follows:
– Approval of a $3 billion loan to Egypt.
The duration of the program is 46 months.
The first tranche (immediate payment) in the amount of $347 million.
The fund will raise an additional $14 billion in funding from Egypt’s international and regional partners, especially from the Gulf states.
The package includes a permanent transition to a flexible exchange rate system to increase resilience to external shocks.
Monetary policy is aimed at gradually reducing inflation.
Financial consolidation and debt management to provide a way to reduce public debt.
Large-scale structural reforms.
Source: Egyptian Week.