The International Monetary Fund (IMF) has announced that it has reached a staff-level agreement with authorities in Egypt, unlocking access to approximately $1.2 billion in funding. The agreement is pending approval from the IMF’s executive board.
Ivanna Vladkova Hollar, head of the IMF mission to Egypt, praised the country’s efforts to maintain macroeconomic stability despite regional challenges, including a sharp decline in Suez Canal revenues.
The agreement marks the fourth review under Egypt’s Extended Fund Facility arrangement with the IMF. Discussions were conducted in person from November 6-20, followed by virtual negotiations.
The IMF highlighted Egypt’s efforts to streamline and simplify its tax system but stressed the need for broader reforms to strengthen domestic revenue generation.
The deal comes at a critical time for Egypt, as it faces mounting economic challenges exacerbated by regional tensions.
