Egypt, which currently stands as Africa’s most indebted country to the International Monetary Fund (IMF), recently took on more loans from the global financier.
Per the IMF’s data, Egypt currently owes the bank approximately $6.7 billion dollars, with the second most indebted African country owing around $2 billion less.
Despite the huge debt, the IMF disclosed that its executive board recently completed its 7th review under the Extended Fund Facility (EFF) arrangement and the second review under the Resilience and Sustainability Facility (RSF) arrangement, allowing about $1.8 billion to be disbursed to the Northern African country.
“The Executive Board of the International Monetary Fund (IMF) completed the seventh review under the 48-month Extended Arrangement under the Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF) arrangement for the Arab Republic of Egypt,” the IMF revealed via a statement.
“Completion of the reviews allows the authorities to immediately draw the equivalent of SDR 1.11 billion (about US$1.5 billion) under the EFF and SDR 200 million (about US$272 million) under the RSF, bringing total purchases and disbursements under the two arrangements to about SDR 5.4 billion (about US$7.3 billion),” it added.
