Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

IMF awards Egypt $820mln for government's 'corrective' actions

  • By Al Mayadeen English
  • Source: News websites
  • 30 Mar 2024 12:33
  • 1 Shares
2 Min Read

The IMF has made available additional funds for Egypt's use after neoliberal reforms were made by the govenrment.

  • x
  • IMF awards Egypt $820 Mln for govenrment's 'corrective' actions
    The logo of the International Monetary Fund is seen on its building in Washington, the United States, on April 5, 2021. (AP)

The International Monetary Fund (IMF) has allowed Egypt to withdraw $820 million in financial support after the IMF's Executive Board completed the first and second reviews of the country's Extended Fund Facility (EFF) arrangement. 

The IMF augmented the program by $5 billion, raising its total to $8 billion, which has allowed Cairo to immediately draw $820 million.

Back in December 2022, the IMF and Egypt agreed to the 46-month EFF program. Although Cairo failed to meet one of the quantitative clauses for June 2023, the IMF granted a waiver for the Net International Reserves criterion, citing the Egyptian government's corrective actions as the motive to do so. 

It is worth noting that the financial influx provided to Egypt comes in the form of loans to be repaid at a later period. 

Related News

World Bank projects modest economic growth for Syria in 2025

World Bank passes $250M project for Lebanon's post-war reconstruction

Read more: Egypt, EU to establish strategic partnership as war on Gaza rages

IMF, World Bank, UAE mask Egypt's socioeconomic crisis

The work of Non-Governmental Organizations (NGOs) and International Financial Institutions (IFIs) such as the World Bank and the IMF have been instrumental in concealing the extreme levels of poverty that were induced as a result of neoliberal restructuring. 

The case is such in Egypt where policies of restructuration, spurred by the IMF, have decimated the productive capacities of the working classes by shifting the economy from industrial to merchant capitalism, plunging many into poverty. 

The World Bank also announced earlier in March that it would inject $6 billion into the Egyptian economy. That package comprises of "US$3 billion for financial support to government’s programs and $3 billion for the private sector."

Most recently, the United Arab Emirates signed a whopping $35 billion deal with Egypt for the development of the Ras El-Hekma peninsula on the Mediterranean coast. The statement released by the IMF on Saturday makes mention of the investment, however, it says that structural changes at the macroeconomic level are still needed.

 Read more: World Bank to provide Cairo with $6bn aid package

  • World Bank
  • Egypt
  • UAE
  • IMF
  • US dollar
  • Egyptian Pound
  • Cairo

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS