IMF, Egypt reach provisional deal unlocking $1.2 billion

The International Monetary Fund announced Tuesday a provisional agreement granting Egypt access to approximately $1.2 billion, pending executive board approval. This deal, achieved during the fourth review under the Extended Fund Facility arrangement, supports Egypt's continued efforts to stabilize its macroeconomy amid regional unrest impacting Suez Canal revenues. Ivanna Vladkova Hollar, leading the IMF mission, emphasized the necessity of ongoing fiscal consolidation to sustain debt viability and manage financing needs.