The International Monetary Fund (IMF) supports Egypt’s measures to implement structural reforms aimed at boosting the Egyptian economy, IMF Managing Director, Kristalina Georgieva said during her meeting with Prime Minister, Mostafa Madbouly.

Madbouly expressed his appreciation for the collaboration between the Egyptian government and the IMF.

He highlighted the Fund’s approval to increase the value of the financing program provided to Egypt reflects the great confidence that the international financial institution has in the Egyptian economy.

This came during his participation today, on behalf of President Abdel Fattah El-Sisi in the opening session of the World Economic Forum (WFE) in Riyadh.

Earlier in April, Minister of Finance, Mohamed Maait, said that the IMF will complete the third review within three months, allowing Egypt to obtain another $820 million, in an interview with Asharq Bloomberg on the sidelines of World Bank and IMF spring meetings.

Egypt already obtained $820 million from the IMF, as a result of the completion of the first and second reviews, Maait added.

Earlier in March, Prime Minister, Mostafa Madbouly, announced that Egypt signed an agreement with the IMF to raise its current $3 billion deal to $8 billion.

Madbouly also explained that Egypt will also receive $12 billion in soft loans from the World Bank and the European Union.