Egypt got approval from the IMF board to receive $3bn in funds under the multilateral lender’s Extended Fund Facility (EFF) 46-month arrangement. Here, Egypt will immediately receive SDR 261.13mn ($347mn), to meet their balance of payments need and provide support its budget. Zawya notes that over time, the EFF is expected to be a catalyst to additional financing of ~$14bn from Egypt’s international and regional partners through divestment of state-owned assets and traditional forms of financing. The EFF will help maintain macroeconomic stability, better its debt sustainability efforts and improve its buffers. The IMF funding was on expected lines and was only pending the IMF’s board approval.

Egypt’s dollar bonds were trading stable with its 2027s above 91 cents on the dollar.

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