The International Monetary Fund says it has reached a deal with Egyptian authorities allowing the country access to about $1.2 billion.
The funding access is subject to executive board approval.
“The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions that are causing a sharp decline in Suez Canal receipts,” says Ivanna Vladkova Hollar, who led the IMF mission involved in discussions with Egyptian authorities.
She adds that “continued implementation of fiscal consolidation efforts will be necessary to preserve debt sustainability, and reduce large interest costs and gross domestic financing requirements.”
The deal comes as both sides reached staff-level agreement on the fourth review under the Extended Fund Facility arrangement, the fund says.
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