🇪🇬

Egypt will receive the first tranche of an expanded loan agreement with the International Monetary Fund (IMF) next week, Prime Minister Mostafa Madbouly said.

Madbouly did not specify the figure, but the IMF said on Friday the expanded $8 billion financial support program enables the immediate release of $820 million.

The agreement expands a $3 billion, 46-month Extended Fund Facility signed in December 2022 which was put on hold after Egypt did not follow through on pledges to unpeg its currency, speed up the sale of state assets and implement other reforms.

Tourism and shipping are two of Egypt’s main sources of foreign exchange.