Egypt seeks to expand IMF’s loan program to $6bln

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That value could rise higher if other multilateral partners provide new financing, the sources added

Staff Writer, Arab Finance

December 20, 2023

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Arab Finance: Egypt is close to expanding its $3 billion loan program with the International Monetary Fund (IMF) to around $6 billion, Bloomberg reported, citing sources familiar with the matter.

That value could rise higher if other multilateral partners provide new financing, the sources added.

In November, Managing Director of the IMF Kristalina Georgieva said that the fund was “seriously considering” a possible hike in the loan program for Egypt.

Georgieva recently pointed out that Egypt would have the IMF's full support soon, saying “We [IMF] are working right now with the Egyptian authorities. They are doing a very good job in a very difficult environment to prioritize support for vulnerable population and to create better opportunities for private sector development."

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