Egyptian Minister of Finance disclosed that the International Monetary Fund (IMF) is nearing completion of the third review within three months, with Egypt poised to secure an additional $820 million. The completion of this review underscores Egypt's commitment to ongoing reforms aimed at reducing the debt-to-gross domestic product ratio to around 80 percent while bolstering budget revenues. The minister also highlighted the positive trajectory of foreign reserves, surpassing $40 billion, indicating the nation's dedication to their augmentation. Debt management remains a priority, with plans to extend the average maturity of debt to 4.5 to 5 years, up from the current 3.2 years, and projected to reach 3.3 years by the end of the financial year 2023/2024.
In March, the Egyptian Prime Minister announced Egypt's agreement with the IMF to increase its existing $3 billion deal to $8 billion. Furthermore, Egypt is poised to receive $12 billion in soft loans from the World Bank and the European Union.