The IMF has approved a $1.2 billion disbursement for Egypt following its fourth review of the country’s economic reforms.
The approval, announced Tuesday, grants Egypt immediate access to the funds.
The IMF also approved an additional $1.3 billion under the Resilience and Sustainability Facility.
Egyptians continue to struggle with inflation, rising fuel prices, and a weakening currency.
In response, the government will raise the public sector minimum wage to 7,000 Egyptian pounds ($138) in July, aligning with private sector increases.
Fuel prices rose between 10% and 17% in October, with diesel—crucial for public transport—climbing from 11.5 pounds ($0.23) to 13.5 pounds ($0.25) per liter.
The government’s economic measures align with IMF conditions under an expanded $8 billion bailout deal.
