The International Monetary Fund (IMF) is set to begin the fourth review of Egypt’s economic reform program in November, an unnamed government official told Asharq Business.
This review is crucial for releasing a $1.3 billion loan tranche, the largest among the scheduled payments.
In May, the IMF disbursed the third tranche of $820 million as part of Egypt’s support program.
The first and second reviews were completed in March, leading to an increase in the overall program value by $5 billion, bringing the total to $8 billion. This allowed Egypt to access $820 million in funds immediately.
In its August report on Egypt’s economy, the IMF emphasized the importance of tax revenue unification to enhance the primary surplus while prioritizing key expenditures.
It also highlighted the need for a more vital debt management strategy to lower financing requirements and efforts to attract more financial resources.
Additionally, the IMF urged reforms in state-owned bank governance, competition frameworks, and the modernization of trade facilitation procedures to boost efficiency and remove barriers.
Upon completion of the fourth review, Egypt is expected to receive $1.3 billion as part of the IMF’s extended fund facility (EFF).
This is the second time the fourth review has been postponed in 2024. It was initially set for September and rescheduled for this month amid speculations about the Egyptian government failing to meet the prerequisites stipulated by the global lender.
