Egypt's President Abdel Fattah El-Sisi attends a bilateral meeting with U.S. President on the sidelines of the G7 summit, in Evian, eastern France, June 17. AFP-Yonhap
The International Monetary Fund (IMF) has reached a staff-level agreement with Egyptian authorities on reviews of the country's loan program, clearing the way for the disbursement of $1.6 billion.
Egypt has multiple programs with the IMF, with a four-year $8.5 billion Extended Fund Facility that began in 2022 and a $1.3 billion Resilience and Sustainability Facility arrangement signed last year.
Heavily indebted Egypt is struggling with double-digit inflation as the effects of the U.S.-Israel war on Iran hit energy and other sectors, with the Egyptian currency depreciating as a result.
"The impact of the war in the Middle East on the Egyptian economy has remained relatively contained, supported by the authorities' timely and decisive policy actions," said Amine Mati, IMF mission chief for Egypt, in a statement on Monday.
