Hommam Al Nassim 
The International Monetary Fund (IMF) announced the disbursement of $ 820 million to the Egyptian government, as part of the three-billion-dollar aid program granted at the end of 2022.
The IMF Executive Board approved increasing Egypt’s loan program by about five billion dollars, coinciding with the central bank’s devaluation of the Egyptian pound, a statement said.
The increase will allow Egypt to withdraw about $820 million immediately, the statement said, adding that the IMF is implementing an economic stabilization plan with a focus on liberalizing the foreign exchange system.
The IMF stressed the need to replace fuel subsidies as part of a sustainable adjustment package for fuel prices, tighten fiscal and monetary policy, reduce government investment, and allow more space for the private sector.
Egypt has developed a new framework for monitoring and monitoring public investment, which will help manage the increase in demand, and the state and military will have to withdraw from economic activity, the IMF said.
In December 2022, Egypt and the IMF concluded an agreement to obtain a $3 billion $3 billion 46-month extended fund facility.
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