The Egyptian government, the Central Bank of Egypt (CBE) and the IMF have reached a staff-level agreement on a three-year Extended Fund Facility (EFF) in the amount of SDR 8.5966 billion (422 percent of quota or about US$12 billion), a statement by Chris Jarvis, IMF mission chief for Egypt said on Thursday.
“I am pleased to announce that, in support of the government’s economic reform program, the Egyptian government, the Central Bank of Egypt (CBE) and the IMF team have reached a staff-level agreement on a three-year Extended Fund Facility (EFF) in the amount of SDR 8.5966 billion (422 percent of quota or about US$12 billion). This agreement is subject to approval by the IMF’s Executive Board, which is expected to consider Egypt’s request in the coming weeks", the statement read.
