Egypt’s economic and financial situation has been supported by several disbursing IMF programmes since 2016. Those are a three-year Extended Fund Facility of USD 12 billion adopted in 2016, emergency financial assistance under the Rapid Financing Instrument of USD 2,8 billion adopted in 2020, a one-year Stand-By Arrangement of USD 5,2 billion adopted in 2020, and a four-year Extended Fund Facility of USD 3 billion adopted in 2022 and augmented to USD 8 billion in 2024. Egypt made considerable reform efforts during the first part of its engagement with the IMF in 2016-2021. Reforms included a significant currency devaluation, accompanied by monetary policy reforms focused on an inflation target corridor. Fuel subsidy reform was coupled with a significant strengthening of a targeted social transfer system. Public finance management was strengthened by developing medium-term revenue and debt management strategies. The Egyptian authorities also began improving the governance of state-owned enterprises.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
