KAIRO - The International Monetary Fund (IMF) announced today that it has reached an agreement with Egypt to unlock approximately $1.2 billion in funds to support the country's troubled finances.
The IMF stated that the agreement was made at the negotiator level and requires approval from its Executive Board, following Cairo's presentation of a plan to improve macroeconomic stability.
Egyptian authorities have committed to increasing the tax-to-revenue ratio by two percentage points of Gross Domestic Product (GDP) over the next two years, among other measures, including accelerating the sale of state-owned companies.