Arab Finance: Egypt is looking forward to receiving the first tranche worth around $750 million from the International Monetary Fund (IMF) under the $3 billion Extended Fund Facility (EFF) in December, Asharq Business reported on December 4th, quoting Minister of Finance Mohamed Maait.
The tranche accounts for 25% of the total value of IMF’s facility, Maait noted during an economic conference.
In October, Egypt reached an agreement with the IMF over the four-year international financing program worth a total of $9 billion, including the $3 billion package from the IMF, along with $1 billion from the IMF's Resilience and Sustainability Trust (RST) and $5 billion from international partners.
The IMF has estimated the financing gap over four years - the duration of the financing program - at around $16 billion, representing $4 billion for each year, Maait said during the conference.
On November 10th, Maait announced that the board of the IMF would discuss the four-year international financing program to support Egypt’s economic reform in December.