IMF Delays Egypt's Loan Review Amid Economic Challenges

The IMF's fourth review of Egypt's $8 billion loan is postponed until after its annual meetings. The loan, initially approved in 2022, was expanded due to inflation and currency shortages. Egypt's Prime Minister confirms mission delay was mutual and states set targets were achieved.

The International Monetary Fund has postponed the fourth review of Egypt's $8 billion loan until subsequent to its annual meetings, Egypt's Prime Minister, Mostafa Madbouly, announced on Wednesday.

Originally sanctioned in 2022, the loan was expanded this year in response to high inflation and critical foreign currency shortages, which have precipitated Egypt's acute economic crisis. Prime Minister Madbouly disclosed that the delay was instigated by the Fund's scheduling conflicts with its annual meetings. He affirmed that all targets agreed upon were met by Egypt.

The awaited review was slated for completion on or after September 15, according to the IMF's August announcement. Each of the prior three reviews permitted Egyptian authorities to access $820 million, with the most recent review concluded in late July.

(With inputs from agencies.)