IMF tentatively approves $1.2 billion loan for Egypt, contingent on economic reforms.

The International Monetary Fund (IMF) has tentatively approved a $1.2 billion loan for Egypt as part of its Extended Fund Facility program. This comes after Egypt agreed to implement economic reforms, including increasing its tax-to-GDP ratio by 2% over two years. The IMF praised Egypt's efforts to maintain macroeconomic stability but stressed the need for further reforms to enhance revenue mobilization, reduce debt, and support social spending. The final approval is subject to the IMF's Executive Board.

3 months ago
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