CAIRO, March 12 (MENA) – The International Monetary Fund’s (IMF) approval of Egypt’s fourth review reflects confidence in the country’s economic reforms and its commitment to meeting agreed-upon targets under the IMF program, Prime Minister Mostafa Madbouli said Wednesday.

Speaking at a press conference following the weekly Cabinet meeting, Madbouli added that the IMF Executive Board had approved Egypt’s fourth review and the disbursement of a new $1.2 billion tranche. Additionally, the board authorized $1.3 billion in financing from the Resilience and Sustainability Facility (RSF) to support Egypt’s green transition initiatives. These funds will be disbursed in installments over the coming period, with the RSF loan offering more favorable terms compared to other financing options.

The prime minister explained that the delay in completing the fourth review was due to Egypt’s request under President Abdel Fattah El Sisi’s directives to revise certain targets and adjust the program’s implementation timeline. The IMF accepted these modifications, making the review process more comprehensive, according to him.

On a separate note, Madbouli highlighted President Sisi’s recent meeting with the minister of housing, during which he directed the launch of a major new housing program. Following the Eid holiday, the government will announce the offering of 400,000 residential units, the largest such initiative to date.

These units will be available to a range of income groups, including young people, low-income, and middle-income citizens, Madbouli said. Some will be ready for immediate delivery, while others will be completed within a maximum of two years from the announcement date, he added. (MENA)

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