Egypt: IMF Executive Board Completes the Third Review of the Extended Arrangement Under the Extended Fund Facility for Egypt

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review of Egypt’s EFF arrangement. This enables the authorities to immediately draw about US$820 million (SDR 618.1 million). Egypt’s 46-month EFF arrangement was approved on December 16, 2022.

Macroeconomic conditions have started to improve since the approval of the combined first and second reviews of the program in March. Inflationary pressures are gradually abating, foreign exchange shortages have…