The International Monetary Fund said on Wednesday it reached a staff-level agreement with Egypt on the fourth review under its Extended Fund Facility arrangement, potentially unlocking a $1.2 billion disbursement under the programme.

Egypt and the International Monetary Fund reached a preliminary deal that would likely unlock a further tranche of the North African nation’s $8 billion loan.

Washington-based lender says Cairo agreed to raise tax-to-revenue ratio and accelerate divestment of state-owned firms.

The International Monetary Fund said on Wednesday it reached a staff-level agreement on the fourth review under the Extended Fund Facility arrangement with Egypt. Subject to approval by the executive board,

ALBAWABA - As part of a $8 billion loan deal, Egypt and the International Monetary Fund (IMF) have agreed a staff-level agreement to release $1.2 billio

Madbouly noted that Ivanna Vladkova Hollar, head of the IMF mission to Egypt, confirmed an agreement at the expert level between Egyptian officials and the IMF. Hollar emphasized that Egypt had continued to implement critical policies to ensure macroeconomic stability, even amid regional tensions and a significant drop in Suez Canal revenues .

The agreement includes recalibrating Egypt's fiscal commitments to create space for critical social programmes benefiting vulnerable groups and the middle class, while ensuring debt sustainability

Egypt and the International Monetary Fund (IMF) have reached a preliminary deal that would likely unlock a further tranche of the North African nation’s US$8bil loan.