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Egypt and IMF Agree To Merge First Two Reviews Of Economic Reform Program

Egypt has agreed with the IMF to combine the first two reviews of its economic reform program, after the first review experienced multiple delays due to questions over Egypt's progress.
25.09.23 | Source: Reuters

Egypt has announced that an agreement has been made with the International Monetary Fund (IMF) to merge the first and second reviews of its economic reform program. This decision comes following persistent delays of the first review, which were caused by uncertainties over Egypt’s progress in fulfilling the terms set by the IMF. Initially, the IMF approved a $3 billion Extended Fund Facility loan for Egypt in December. The country has been battling significant economic pressures due to longstanding unresolved issues exacerbated by the economic fallout from the Ukrainian war. The approved loan comes with an obligation of eight reviews, with the first one, which was intended to take place in March, yet to occur due to reports of dissatisfaction from the IMF over Egypt's progress. The Egyptian state and IMF have decided to join the first and second reviews, and an exact date for this joint review is expected to be set before the end of 2023, as stated by Egypt's finance ministry. The ministry reported that negotiations with the IMF are proceeding fruitfully and positively in line with the agreed program's terms.