On Tuesday, the International Monetary Fund (IMF) will begin its fourth review of Egypt’s loan programme, which may unlock over $1.2 billion in financing.
Egyptian Prime Minister Mostafa Madbouly announced this at a press conference on Sunday with IMF Managing Director Kristalina Georgieva.
The programme, expanded to $8 billion in 2023, aims to help Egypt tackle high inflation and foreign currency shortages.
Madbouly emphasized Egypt’s commitment to a “fruitful partnership” with the IMF, while Georgieva acknowledged the difficult global economic conditions.
The IMF’s review will assess Egypt’s progress on economic reforms, including green initiatives and potential support from the Resilience and Sustainability Facility (RSF).
Egypt has requested RSF financing since 2022, seeking up to an additional $1 billion.
President Abdel Fattah al-Sisi recently suggested the need to reassess Egypt’s loan programme in light of regional challenges.
Previous IMF reviews in July noted easing inflation, resolved currency shortages, and called for faster reforms of state-owned enterprises.
