The seal of the International Monetary Fund is at the headquarters building in Washington, DC, April 12, 2024, in Washington, DC, ahead of the IMF/World Bank 2024 Spring Meetings. (Photo by MANDEL NGAN / Agence France-Presse)

Washington, United States — The International Monetary Fund said Tuesday that it has reached a deal with Egyptian authorities allowing the country access to about $1.2 billion.

The funding access is subject to executive board approval.

Article continues after this advertisement

“The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions that are causing a sharp decline in Suez Canal receipts,” said Ivanna Vladkova Hollar, who led the IMF mission involved in discussions with Egyptian authorities.

Comments from top Federal Reserve officials suggesting they would like to see a slower pace of rate cuts tempered hopes for another bumper cut at the bank’s next meeting, while Middle East worries pushed gold to a new record.

FEATURED STORIES BUSINESS BIZ BUZZ: UP gets more gifts BUSINESS 2024 not a very good year for IPOs in PH BUSINESS PH-South Korea trade pact a win for banana sector

READ: IMF reaches new $1.4B loan agreement with El Salvador

She added in a statement that “continued implementation of fiscal consolidation efforts will be necessary to preserve debt sustainability, and reduce large interest costs and gross domestic financing requirements.”

Article continues after this advertisement

The deal comes as both sides reached staff-level agreement on the fourth review under the Extended Fund Facility arrangement, the fund said.

Article continues after this advertisement

Vladkova Hollar also noted that authorities’ plans to streamline and simplify the tax system were commendable, but that “further reforms will be needed to enhance domestic revenue mobilization efforts.”

Article continues after this advertisement

“A comprehensive reform package is needed to ensure that Egypt rebuilds fiscal buffers to reduce debt vulnerabilities, and generates additional space to increase social spending, especially in health, education and social protection,” said Vladkova Hollar.

sba99

The discussions culminating in the deal were held in person from November 6-20 and virtually afterwards

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.starbet777

READ NEXT Musk’s AI startup raises further $6 billion US banks sue Fed over ‘opaque’ stress tests EDITORS' PICK 10,000 passengers spend Christmas on roads of Sorgoson town In 2025, consumers seen to be more ‘conscious’ about spending Bethlehem marks somber Christmas under shadow of war China tells PH: What we need is peace, not a mid-range missile system Cave in Kinatarcan Island: Have you heard about it? Bianca Bustamante all set for GB3 championship debut in 2025 MOST READ PH has right to allow US missile system despite China’s opposition – DND P202.5-M grand Lotto 6/55 jackpot up for grabs on Christmas Day Heavy to intense rains forecast in 4 Luzon areas from Dec. 26 to 28 LOOK: Filipino celebrities' Christmas 2024 family portraits Follow @FMangosingINQ on Twitter --> View comments