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The International Monetary Fund has approved a fresh disbursement of $820m to Egypt after IMF’s Executive Board completed the third review under the $8bn loan programme.

The decision, announced on Monday, follows a positive assessment of the country’s economic performance since the programme began in December 2022.

The IMF’s Executive Board completed the third review of Egypt’s 46-month Extended Fund Facility (EFF) arrangement.

“Strengthened reforms under the EFF-supported programme are yielding positive results,” said Antoinette M. Sayeh, Deputy Managing Director and Acting Chair. “The unification of the exchange rate and the accompanying monetary policy tightening have curtailed speculation, brought in foreign inflows, and have moderated price growth. With signs of recovery in sentiment, private sector growth should be poised for a rebound.”

The lender praised Egypt’s progress in tackling inflation, addressing foreign exchange shortages, and meeting fiscal targets, including those related to large infrastructure projects. These achievements have helped boost investor confidence and improve business sentiment.

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