IMF clears $1.2 billion funding for Egypt post 4th review

Posted on December 26, 2024   |  

The International Monetary Fund agreed with Egypt on the fourth review of its Extended Fund Facility (EFF) program, which could release $1.2 billion in funding.

In March, Egypt signed a $8 billion deal with the IMF for a 46-month support program to address economic issues.

Rising inflation and a lack of foreign currency continue to put pressure on Egypt’s economy.

Revenue from the Suez Canal dropped significantly over the past year due to regional conflicts, adding to the financial strain.

Egypt plans to increase its tax-to-revenue ratio by 2% of GDP over the next 2 years.