The International Monetary Fund (IMF) announced on Thursday that a staff-level agreement has been reached with Egyptian authorities regarding a comprehensive set of policies and reforms. These measures are essential for completing the third review under the Extended Fund Facility (EFF) arrangement.

According to the IMF's statement, this staff-level agreement will be presented to the IMF Executive Board for approval. Upon approval, it will enable the disbursement of a new tranche of $820 million to Egypt.

The IMF team, led by Ivanna Vladkova Hollar, the Mission Chief for Egypt, visited Cairo in January to continue discussions on the first and second reviews of Egypt’s reform program under the IMF’s EFF.

Julie Kozack, head of the IMF Communications Department, stated that the IMF engaged with Egyptian authorities on policies aimed at supporting the completion of these reviews. This follows the IMF’s approval of a $3 billion EFF loan program for Egypt in December 2022.

Despite this approval, Egypt has yet to complete the initial reviews due to ongoing economic challenges driven by global and regional geopolitical tensions.