(Bloomberg) -- The International Monetary Fund sees Egypt as likely to garner $639 million from the sale of two more state assets in the second quarter of 2024, as it laid out the goals of an expanded new loan deal aimed at boosting the North African nation’s economy.

The sale of Gabal El Zeit wind farm may bring in $339 million, while that of a desalination plant or Zafarana, another wind facility, would secure $300 million, the IMF said in a staff report. Citing Egyptian authorities, it didn’t identify any buyers but listed the potential transactions as in “advanced” stages.

The report came after the IMF board completed the long-delayed first and second reviews of Egypt’s funding agreement. The pact was recently increased to $8 billion as the country wrestles with the economic impact of war in neighboring Gaza and a fall in Suez Canal revenues caused by rebel attacks on Red Sea shipping near Yemen.

Describing a “strong economic stabilization plan” that includes Egypt reducing public investments and leveling the playing field for private enterprise, the IMF also hailed a recent dramatic currency devaluation and tightening of monetary and fiscal policies as “difficult, but critical steps forward.” 

While a $35 billion investment deal with the United Arab Emirates has alleviated near-term financing pressures, “implementation of the economic policies under the program remains critical to address Egypt’s macroeconomic challenges,” the IMF said.

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