Egypt Secures $1.2 Billion Boost from IMF

Egypt is set to receive a $1.2 billion disbursement from the IMF as part of an $8 billion program. The agreement follows high inflation and currency shortages, aggravated by a decline in Suez Canal revenue. Finance Minister Ahmed Kouchouk confirms no additional loan has been requested.

CAIRO, Jan 5 (Reuters) - Egypt is poised to enhance its economic position with a $1.2 billion disbursement from the International Monetary Fund this month, as part of its ongoing $8 billion program, according to Finance Minister Ahmed Kouchouk.

The IMF reached a staff-level agreement with Egypt for the fourth review of the Extended Fund Facility arrangement. The IMF executive board is expected to convene this January to approve the release, with Kouchouk confident of the remittance arriving by month-end. Notably, Egypt has not sought to increase the loan amount.

Amid high inflation and foreign currency shortages, compounded by dwindling Suez Canal revenue, Egypt continues to navigate through economic challenges. The Finance Minister additionally mentioned plans to target around $3 billion via diverse issuances to investors through the end of June.

(With inputs from agencies.)