Ahmad 
The International Monetary Fund announced on Friday that the inflation rate in Egypt declined for the fourth month in a row, reaching less than 28% in June 2024, compared to 35.6% last February.
This decrease is due to economic reform efforts and the Egyptian authorities’ support for macroeconomic indicators.
Ivana Hollar, head of the International Monetary Fund mission in Egypt, said that on July 29, the Fund’s Board of Directors will discuss disbursing the third tranche of the loan, amounting to $820 million.
After disbursing this tranche, Egypt has the right to apply for additional financing worth $1.2 billion from the Resilience and Resilience Fund.
The International Monetary Fund indicated at the beginning of this month that the decision to unify the exchange rate, which was taken by the Egyptian authorities last March, improved the financial conditions in the country.
He confirmed that the Fund’s mission visited Egypt from May 12 to 26, 2024 and held discussions with the Egyptian authorities about the progress achieved.
The Fund explained in a previous press release that geopolitical tensions in the region pose a challenge to Egypt’s economy, but the Egyptian authorities are taking measures to stabilize macroeconomic indicators through fiscal discipline, tightening monetary policy, and shifting to a flexible exchange rate system.
The Fund noted that the Ras Al-Hekma deal with the UAE will have a positive impact on the economy, pointing to the remarkable progress that Egypt has made in the structural economic reform program.
On June 7, 2024, the International Monetary Fund announced that it had reached an agreement at the expert level with the Egyptian authorities on the policies and reforms necessary to complete the third review within the framework of the “Extended Fund Facility” agreement.
This agreement will be presented to the Executive Board of the International Monetary Fund for approval, allowing the disbursement of a new tranche worth $820 million.
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