EXCLUSIVE- Egypt expects to receive a c. USD 2.7 bn disbursement from the IMF in January, IMF Executive Director for Egypt and former finance minister Mohamed Maait tells EnterpriseAM. The disbursement will trigger immediately after the Fund’s Executive Board meets following the holiday break to sign off on the reviews.

The fund’s executive board is yet to pencil in an exact date on its calendar — we’ll be keeping an eye out for any updates.

Why this matters

This is a significant front-loading of liquidity. By combining the fifth and sixth reviews (c. USD 2.5 bn) with the first review of the Resilience and Sustainability Facility (c. USD 200 mn), the IMF is effectively handing the Madbouly government a healthy liquidity cushion to start 2026.

The disbursal gives the government breathing room to manage two critical (and expensive) priorities in 1Q 2026, a senior government source tells us. The government needs money on hand to mitigate the impact of the final subsidy lifts — and funds to cover debt obligations without aggressively borrowing at high rates.

What paved the way? The numbers finally match the narrative. The smooth path to this agreement wasn't just about promises, but hard data, Maait tells us. He pointed to two key metrics that eased the Fund's concerns: net international reserves hitting all-time highs and GDP growth accelerating to 5.3% in 1Q of the current fiscal year, up 2.9 percentage points y-o-y.

Where will the money go? Hard currency will be directed to shore up the central bank’s reserves, while the Finance Ministry will receive funds in EGP, the senior government source tells us. The ministry will put the funds to work paying down liabilities to create fiscal space, shoring-up the social safety net, and ensuring strategic stockpiles of essential goods.

The outlook

As the USD 8 bn program enters its final stretch, the conversation is shifting. Maait emphasized that the priority for the coming year is “sustainability.” The goal is no longer crisis management, but ensuring the structural reforms — and the stability they brought — stick after the program formally concludes in late 2026.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Tags: