Egypt finalized payment of all outstanding arrears to international oil companies in June, helping to restore investor confidence in the country’s upstream (MEES, 12 June). But the economy remains under strain as Cairo contends with the fallout from the Middle East conflict at a time when it has become increasingly dependent on energy imports. The IMF’s seventh review, released on 14 August, highlights the continued fragility of the economy and the financial pressures facing the Egyptian General Petroleum Corporation (EGPC).
The IMF Executive Board completed the seventh review of Egypt’s $8bn Extended Fund Facility (EFF) and second review under the Resilience and Sustainability Facility (RSF) on 31 July, unlocking about $1.8bn in fresh financing. Egypt immediately received $1.5bn under the EFF and $272mn under the RSF, taking to-tal disbursements from the two arrangements to about $7.3bn. A final EFF review and the third and final RSF review are due in November. (CONTINUED - 1039 WORDS)
