Egypt requests $5bln as first tranche of IMF’s $8bln program in April

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The Egyptian government has requested to receive a sum of $5 billion in April as the first tranche of the International Monetary Fund’s (IMF) $8 billion financing program, a government official told Asharq Business.

This request is pending the review of the IMF’s Executive Board set to take place by the end of March, the official pointed out.

He also noted that the Egyptian government requested raising the value of the first tranche under the IMF program to $5 billion to back the country’s economy amid its dire need of foreign currency.

On March 6th, the IMF have reached an agreement with the Egyptian authorities to extend its loan program for the country to $8 billion from $3 billion.

It is worth noting that the agreement is subject to the approval of the IMF’s Executive Board.

On March 7th, Minister of Finance Mohamed Maait expected this agreement to trigger further foreign financing worth a total of $20 billion to back Egypt’s economy.