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Gezira island on the Nile at sunset, exclusive aerial view of Cairo, Egypt. Getty Images Image for illustrative purpose
Arab Finance: The International Monetary Fund (IMF) has approved the disbursement of $1.2 billion in a new tranche under Egypt’s $8 billion loan program, Minister of Finance Ahmed Kouchouk stated.
This marks the fourth tranche of the program, $2 billion of which had been received by Egypt.
It is worth noting that Kouchouk previously expected the country to receive the $1.2 billion tranche from the IMF in January.
On January 9th, President Abdel Fattah El-Sisi passed Law No. 247 of 2024, authorizing the increase of Egypt's share in the IMF by 50%.
In its January World Economic Outlook Report, the IMF lowered its forecast for Egypt's real gross domestic product (GDP) growth by 0.5% and 1% for the current and next fiscal years (FYs) 2024/2025 and 2025/2026.
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