The Executive Board of the International Monetary Fund approved Egypt’s request for $1.3 billion (SDR 1 billion) financial assistance under the Resilience and Sustainability Facility (RSF), the IMF said in an emailed statement on Tuesday.This approval is a crucial step in supporting Egypt’s efforts to build long-term economic resilience, particularly in the face of climate change challenges and structural vulnerabilities.The RSF arrangement is particularly aimed at helping countries like Egypt address both immediate economic challenges and long-term sustainability. The IMF’s approval signals confidence in Egypt’s reform efforts.In addition to the RSF approval, the IMF Executive Board also completed the fourth review of Egypt’s economic reform programme, which is supported by the Extended Fund Facility (EFF) arrangement. As a result of this review, Egypt is set to immediately draw approximately US$1.2 billion (SDR 922.87 million) to continue supporting its reform agenda.With this new funding, Egypt now has a critical financial lifeline to pursue further reforms, while also addressing the pressing need for climate adaptation and resilience. The IMF’s support underscores the international community’s commitment to aiding Egypt in its path toward sustainable and inclusive growth. (ICE IL CAIRO)

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