IMF reaffirms support for Egypt’s economic reforms as 5th review discussions advance: Spokesperson

Kozack made her remarks in response to questions by Ahram Online on the ongoing discussions the IMF's mission to Egypt is currently holding with Egyptian authorities concerning the fifth review of the $8 billion Extended Fund Facility (EFF) loan program. This review is the second under the loan, the amount of which was raised from $3 billion to $8 billion in March.

A team from the IMF arrived in Cairo earlier this month for the final discussion of the fifth review of the country's EFF program. Completing this review paves the way for Egypt to receive a tranche of $1.2 billion.

Kozack noted that the IMF acknowledged Egypt's evident progress under its macroeconomic reform program, particularly in recent improvements in inflation levels and the accumulation of foreign exchange reserves.

"For the past few weeks, IMF staff have held productive discussions with Egyptian authorities on economic performance and policy direction under the EFF," Kozack told Ahram Online.

She added, "As macroeconomic stabilization gains momentum, the priority must now shift towards accelerating structural reforms aimed at reducing the state's footprint in the economy, fostering fair competition, and enhancing the overall business environment."