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Egypt · Economy & Business · Hard
What is the name of the multi-billion-dollar IMF loan programme that Egypt entered in 2016, which included floating the currency and cutting fuel subsidies?
Answer: Extended Fund Facility — Egypt's 2016 Extended Fund Facility (EFF) with the IMF was a $12 billion, three-year programme that required a sharp devaluation of the Egyptian pound, introduction of a value-added tax, and deep cuts to energy subsidies — measures that unlocked further bilateral and multilateral financing.
- A Stand-By Arrangement
- B Extended Fund Facility ✓
- C Rapid Financing Instrument
- D Poverty Reduction and Growth Trust
Egypt's 2016 Extended Fund Facility (EFF) with the IMF was a $12 billion, three-year programme that required a sharp devaluation of the Egyptian pound, introduction of a value-added tax, and deep cuts to energy subsidies — measures that unlocked further bilateral and multilateral financing.