The International Monetary Fund said Tuesday it completed its fourth review of Egypt’s economic reform program approving a $1.2 billion disbursement for the North African country.
The IMF said in a statement it completed its fourth review on Monday and Egyptian authorities can immediately draw the funds. The IMF executive board also granted Egypt’s request for an arrangement under the Resilience and Sustainability Facility with access to an additional $1.3 billion.
Egyptians have been grappling with soaring inflation as they navigate rising daily costs that reached another high last year. They included an increase in fuel prices, a hike in subway fares and a slide in the…
