The International Monetary Fund (IMF) and the Ministry of Finance are in discussions on the latter’s Extended Fund Facility Program, which would allow for the acquisition of a fresh three-year loan.
After the current program ends on March 31, 2024, there is a chance to sign a large $8–10 billion one with the IMF, according to sources.
Sources claim that the Ministry of Finance is trying to get the IMF to approve a new three-year loan program under the Extended Fund Facility. Before this deal is finalized, the Ministry of Finance will guarantee the IMF that all requirements under the new loan program will be met.
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IMF recommendations for the federal budget for 2024–2025 will thereafter be delivered to the Ministry of Finance.
It is projected that under the provisions of the proposed loan package, gas and electricity costs will rise, and subsidies will decrease even further. According to sources, the new loan program’s terms will likely be stricter than those of the current standby arrangement.
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