Egypt: IMF disburses $1.2 billion for 4th EFF installment

These funds were disbursed as part of the fourth instalment of the Extended Fund Facility (EFF).The announcement was made in an official Egyptian government press release. The document states that Prime Minister Mostafa Madbouly had met earlier with Mohamed Maait, member of the IMF/World Bank Executive Board.

The purpose of the meeting was to review the country’s economic reform program.Discussions also focused on the next steps in the fifth review of the economic reform program, due to take place over the coming period.

It also addressed the approval by the MFI Managing Directors of Egypt’s program with the Sustainability and Resilience Fund, which will provide long-term concessional financing of $1.3 billion.

The participants also exchanged views on the current global and regional economic situation.The two leaders also discussed international economic developments and their potential impact on trade systems and growth rates.The meeting also looked ahead to the forthcoming IMF summits at the end of the month, which will address these issues in greater depth.

source: africa news