Egypt reaches preliminary IMF deal for $1.64 billion in new funding

Egypt has reached a preliminary agreement with the International Monetary Fund (IMF) that could unlock about $1.64 billion in new financing, subject to approval by the Fund’s Executive Board, the government announced on Tuesday. Egyptian Prime Minister Mostafa Madbouly said in a statement that the government and an IMF mission had reached a staff-level agreement on the seventh review of Egypt’s Extended Fund Facility (EFF) programme, as well as the second review under the Resilience and Sustainability Facility (RSF). No date was given for the Executive Board’s decision. The EFF is one of the IMF’s main lending programmes, designed to support countries facing long-term structural balance of payments problems in return for economic reforms aimed at promoting stability and sustainable […]