Egypt is set to receive $1.2 billion in financial support from the International Monetary Fund (IMF) this month. The funds are part of an $8 billion loan program, aimed at stabilizing Egypt’s economy. Finance Minister Ahmed Kouchouk confirmed the disbursement on Sunday, marking a significant step in the country’s ongoing economic recovery efforts.
This payment follows an agreement reached last month between Egypt and the IMF, after a review of the country’s economic performance. “The IMF’s executive board will meet in January, and God willing, we will receive the amount this month,” Kouchouk told ON TV. He also noted that Egypt has not requested an increase to the $8 billion loan, maintaining the original agreement.
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Egypt’s economy has faced significant challenges, including soaring inflation and foreign currency shortages. The country has also struggled with a decline in Suez Canal revenue, which has worsened due to regional tensions. These factors have made the IMF’s financial support crucial for Egypt’s recovery.
Looking ahead, Egypt aims to raise an additional $3 billion by June through various investment initiatives. While Kouchouk did not provide details, his comments suggest that new bonds may be issued to foreign investors later this year.
