Foreign Currency

Egypt Receives USD 820 Million Second Tranche of IMF Loan

The second tranche is part of the USD 8 billion loan programme agreed with the International Monetary Fund.

The second tranche of the International Monetary Fund (IMF) loan programme for Egypt has been disbursed, totalling USD 820 million in temporary foreign currency contribution. The first tranche of the programme was received during the first week of April. This pair of tranches is part of an USD 8 billion loan plan from the international institution.

The IMF’s USD 8 billion loan programme, along with major injection of foreign currency from other sources, including the World Bank and the UAE – in return for huge swathes of land at Egypt’s Ras El Hekma – have buoyed the Egyptian economy. These funds allowed for the floatation of the Egyptian pound on international foreign currency markets in March 2024, instead of being subject to a fixed exchange rate set by the Egyptian government.

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