Cairo June 6 2023: Egypt’s net foreign reserves reached $34.660 billion in May 2023, up from $34.551 billion in April.
The ninth-straight reserve growth was revealed by the apex bank in a statement today.
On December 16 2023, the Executive Board of the International Monetary Fund (IMF) approved a 46-month arrangement under the Extended Fund Facility (EFF) for Egypt in an amount of SDR 2,350.17 million (equivalent to 115.4 percent of quota or about US$3 billion). The Executive Board’s decision enables an immediate disbursement of SDR 261.13 million (equivalent to about US$ 347 million), which will help meet the balance of payments need and provide support to the budget. Over the course of the program, the EFF is expected to catalyze additional financing of about US$14 billion from Egypt’s international and regional partners, including new financing from GCC countries and other partners through the ongoing divestment of state-owned assets as well as traditional forms of financing from multilateral and bilateral creditors.
