IMF likely to discuss 4-year financing program to Egypt in December

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The board of the International Monetary Fund (IMF) is expected to discuss the four-year international financing program to support Egypt’s economic reform, Minister of Finance Mohamed Maait announced on November 10th.

This includes a staff-level agreement with the IMF under the Extended Fund Facility (EFF) at a value of $3 billion, along with $5 billion package from a number of international and regional partners, Maait said.

Moreover, it includes the possibility of obtaining an additional financing worth $1 billion from the IMF's Resilience and Sustainability Trust (RST), the minister added.

On October 27th, Egypt reached an agreement with the IMF over the four-year international financing program worth a total of $9 billion, including the $3 billion package from the IMF, along with $1 billion from the IMF's Resilience and Sustainability Trust (RST) and $5 billion from international partners.