The Executive Board of the International Monetary Fund (IMF) approved the third review of Egypt’s economic reform program, estimated at $820 million, according to a statement by the fund.

The third tranche will be disbursed to Egypt within days, as part of an agreement worth $8 billion that was approved in March.

Egypt has the right to apply for additional financing worth $1.2 billion from the Resilience and Sustainability Trust Fund after the Executive Board of the IMF approved the new tranche 

The fund clarified that while inflation persists at elevated levels, it is steadily receding, with Egypt's authorities upholding the flexible exchange rate system as the core of their adopted program.

Earlier in July, an official source at the Central Bank of Egypt (CBE) revealed that Egypt’s Net foreign reserves hit an all-time high of $46.38 billion in June 2024, an increase of $13.26 billion since August 2022.

Egypt's external debt declined to record $153.86 billion at the end of May 2024, compared to $168.03 billion at the end of December 2023, a decrease of $14.17 billion.

This decline during the past five months is considered the largest in the history of external debt ever, the source added.