Finance Minister Ahmed Kujok said on Sunday that Egypt expects to receive $1.2 billion in payments from the International Monetary Fund this month under an $8 billion program with the IMF.
Last month, the IMF announced an agreement with Egyptian authorities to suspend subsidy payments for 46 months, freeing up to $1.2 billion in spending.
“The (IMF’s executive) board will convene in January and, God willing, we will receive the amount in January,” he told ON TV in an interview, adding Egypt had not requested an increase to the $8 billion loan.
In March, Egypt, struggling with high inflation and a currency shortage, agreed to expand the International Monetary Fund’s mandate. The crisis in the region led to a decline in revenue from the Suez Canal last year, leading to further financial disruptions.
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He also said, without further disclosure, that Egypt aims to raise up to $3 billion in “diversified exposure” to investors in the main financial year ending in June. His comments came in response to a question about whether Egypt plans to issue new bonds to foreign investors this year.
The International Monetary Fund’s Egypt affairs director Ivana Vladkova Horal said the Bank of Egypt also reiterated its commitment to maintaining a flexible exchange rate policy to support the economy from foreign interventions and maintain a tight monetary policy.
