Egypt has secured another lifeline with the International Monetary Fund (IMF) approving the third tranche of its $8 billion loan program. This $820 million injection of foreign currency comes as the North African nation struggles with soaring inflation, a widening budget deficit, and dwindling foreign exchange reserves.

Prime Minister Mostafa Madbouly announced that the cabinet will provide reports every three to six months to the House of Representatives and President Abdel Fattah El-Sisi's office detailing the progress made in achieving the goals outlined in the government’s work program.

The World Bank Group (WBG) will provide a financing package of $6 billion to Egypt over the upcoming three years, Minister of International Cooperation Rania Al-Mashat revealed in a meeting with WBG’s Managing Director of Operations Anna Bjerde on March 18th.

Representatives from the International Monetary Fund (IMF) are slated to visit Egypt in January to review the country's economic performance and discuss the financial assistance terms under its economic reform program. The visit is significant as it will allow the IMF to evaluate Egypt's progress and challenges, particularly in the context of its current IMF program and the country's efforts to address economic concerns such as inflation and currency stability. Accordingly, it will be decided whether an IMF mission would review Egypt’s economic reforms before approving the next tranche of the IMF loan.

Egypt is expected to resume its economic reform program during the first quarter (Q1) of next year, Carla Slim, MENA economist at Standard Chartered Bank, said.

Georgieva praised the great efforts done by the Egyptian government in this regard, noting that economic and structural objectives accomplished under the economic reform program and the resilience shown by Egypt’s economy amid negative repercussions of the global crises were noted