Egypt receives $2.3 billion IMF payout after review of reforms

Egypt has secured about $2.3 billion in funding from the IMF after completing two reviews of its reform program.

The payout follows a preliminary agreement reached in December covering the latest revisions of Egypt’s economic overhaul and its climate-focused financing program.

In its latest monetary policy report, the Central Bank of Egypt said the country’s macroeconomic outlook is “cautiously improving,” supported by investment from the Gulf and other countries, along with stronger tourism and money sent home by Egyptians working abroad.

Still, the IMF warned that uneven reforms, high debt and regional tensions continue to pose risks.