As Egypt continues its economic reform journey, the upcoming fourth review by the International Monetary Fund (IMF) in November holds significant importance. The successful completion of this review is crucial for the release of a $1.3 billion loan tranche, the largest among the scheduled payments.
A government official, speaking to Asharq Business, confirmed the impending review, underscoring its pivotal role in supporting Egypt’s economic stability.
Earlier this year, in May, the IMF disbursed the third tranche of $820 million as part of the country’s support program. The first and second reviews, completed in March, led to a substantial increase in the overall program value by $5 billion, bringing the total to $8 billion. This immediate boost allowed Egypt to access an additional $820 million in funds.
In its August report on Egypt’s economy, the IMF emphasized the importance of several key reforms. Tax revenue unification was highlighted as a critical measure to enhance the primary surplus, while prioritizing key expenditures. Additionally, the IMF urged a stronger debt management strategy to lower financing requirements and attract more financial resources.
The report also called for reforms in state-owned bank governance, competition frameworks, and trade facilitation procedures. These reforms aim to boost efficiency, remove barriers, and foster a more conducive business environment.
As Egypt navigates the challenges of economic recovery, the successful completion of the IMF review will provide a much-needed boost of confidence and support.
