On 16 December the IMF’s executive board approved its latest loan to cash-strapped Egypt, a $3bn, 46-month Extended Fund Facility (EFF) with immediate disbursement of the first $347mn tranche.

Since November 2016, and including the current $3bn loan, Egypt has secured some $27bn in assistance from the IMF (MEES, 12 June 2020). The IMF says it expects the new EFF “to catalyze additional financing of about $14bn from Egypt’s international and regional partners, including new financing from GCC countries and other partners through the ongoing divestment of state-owned assets as well as traditional forms of financing from multilateral and bilateral creditors.” (CONTINUED - 854 WORDS)