IMF's Progress in Egypt Loan Programme Review

The International Monetary Fund has made substantial progress in policy discussions during its recent visit to Egypt. The discussions are crucial for the fourth review of Egypt’s $8 billion IMF loan programme, initiated in 2022. This review could unlock $1.2 billion in crucial financing.

The International Monetary Fund announced significant advancements in policy discussions during its recent mission to Egypt. These discussions are vital to the completion of the fourth review of the IMF loan program for Egypt.

The review is part of Egypt's expanded $8 billion IMF loan initiative, approved in 2022, amid economic challenges such as high inflation and severe foreign currency shortages. Key reforms, including the unification of the exchange rate, have been implemented to sustain macroeconomic stability.

Prime Minister Mostafa Madbouly revealed Egypt's request for modifications to the program targets, extending beyond the current year. Discussions continue to finalize policies that will facilitate the fourth review's completion, setting the stage for unlocking $1.2 billion in funding.

(With inputs from agencies.)