IMF green-lights $2.5 billion finance package for Egypt bailout
In a follow-up to its 2022 rescue package, the IMF found 'notable delays' on economic reforms while praising the sell-off of state assets
The headquarters of the Central Bank of Egypt (Getty Images)
Egypt will get immediate access to some $1.2 billion that the International Monetary Fund approved after a review of the economic bailout program it undertook three years ago.
The IMF gave a green light on Monday to $2.5 billion in financing for Egypt, of which the other $1.3 billion is dedicated to spending on climate change and will be allocated in installments.
In a progress report on the 2022 rescue package, the IMF found “notable delays” on economic steps it mandated to “level the playing field.”
Still, it noted progress by the government and praised its “decisive action” over the past year on selling off state assets and maintaining a flexible currency exchange rate.