Hommam Al Nassim 
Data from the Central Bank of Egypt revealed a noticeable positive shift in the net foreign assets of Egyptian banks during last May, as the surplus amounted to about $14.3 billion.
This increase represents a development that has not occurred in 28 months, as it comes in light of a noticeable increase in dollar flows to Egypt during recent months.
This positive transformation is attributed to the financial support package that Egypt received worth eight billion dollars from the International Monetary Fund last March, in response to the significant devaluation of the Egyptian currency.
This measure significantly increased investment flows and remittances from Egyptians working abroad
Egypt also benefited from the first tranche worth $820 million of the loan provided by the International Monetary Fund last April, which confirmed the World Bank’s support for the Egyptian economy at this critical stage.
During the year 2024, Egypt received significant support from the International Monetary Fund, which included an increase in the Extended Fund Facility Program. Egypt also obtained reserve accreditation status last April, and the Director General of the International Monetary Fund, Ms. Kristalina Georgieva, granted Egypt reserve accreditation status, which allows Egypt to obtain additional financing. By 3.3 billion units (about 4.2 billion US dollars).
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