IMF, Egypt reach deal unlocking $1.2bn

WASHINGTON: The International Monetary Fund said on Tuesday that it has reached a deal with Egyptian authorities allowing the country access to about $1.2 billion.

The funding access is subject to executive board approval.

“The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions that are causing a sharp decline in Suez Canal receipts,” said Ivanna Vladkova Hollar, who led the IMF mission involved in discussions with Egyptian authorities.