IMF Agrees on New Reviews of Egypt’s Loan Program
The International Monetary Fund (IMF) announced on Tuesday that it has reached a staff-level agreement with Egypt on the fifth and sixth reviews of its $8 billion loan program. The agreement also includes the first review under the Resilience and Sustainability Facility (RSF).
The IMF team visited Cairo from December 1 to December 11 to discuss Egypt’s economic and financial plans with government officials. These discussions focused on progress made under the Extended Fund Facility (EFF) and the new RSF program.
If approved by the IMF’s executive board, the agreement could allow Egypt to receive about $2.5 billion in new funding. According to Reuters, this amount would come from the combined reviews. Earlier, in July, the IMF completed its fourth review, which allowed Egypt to access around $1.2 billion. This brought the total funding Egypt has received under the EFF to about $3.2 billion so far.
The IMF said Egypt has shown strong fiscal performance and steady economic improvement. Economic growth reached 4.4% during the 2024/2025 fiscal year, up from 2.4% the year before. Growth continued to improve in the first quarter of the 2025/2026 fiscal year, reaching 5.3% compared to the same period last year.
According to the IMF, Egypt’s economic recovery has been supported by growth across several sectors. These include non-oil manufacturing, transportation, finance, and tourism. Tourism and remittances from Egyptians working abroad have played an important role in supporting the economy.
The IMF also noted progress in controlling inflation. Due to tighter monetary policy by Egypt’s central bank, inflation in cities fell to its lowest level in more than three years in September. However, the IMF warned that inflation control is still fragile. Inflation increased again to 12.3% in November, showing that price stability is not yet fully secure.
All staff-level agreements must still be approved by the IMF’s executive board before any funds are released.
IMF official Vladkova Hollar said Egypt’s economic reforms are beginning to deliver positive results. She stated that the country’s stabilization efforts have led to solid gains and that the economy is showing clear signs of strong growth. She added that these improvements were achieved despite regional security challenges and global economic uncertainty.
Egypt’s total foreign currency reserves reached $56.9 billion in 2025, according to the IMF. The fund said this was supported by strong remittance inflows and higher tourism revenues.
Looking ahead, the IMF said Egyptian authorities have started implementing reforms under the RSF program. These reforms focus on climate finance and setting clear targets for renewable energy.
The IMF also encouraged Egypt to move faster in reducing the role of the state in the economy. It urged the government to focus more on private sector growth and reforms that support businesses, investment, and job creation. The IMF believes these steps are key to building a more sustainable, private sector-led economy in the future.
Published: 24th December 2025
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