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Sunday, 25 August 2019

IMF to put fifth review of Egypt’s economic reform program on agenda next Wednesday

Doaa A.Moneim , Wednesday 17 Jul 2019
The International Monetary Fund (IMF) headquarters
The International Monetary Fund (IMF) headquarters (Reuters)
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Egypt’s Prime Minister Mostafa Madbouly said on Wednesday that the International Monetary Fund Executive Council will put on Wednesday 24 July the fifth and final review of Egypt’s Economic Reform Program on agenda for discussion, Al-Ahram Arabic website reported.

Last May, an IMF mission has reached a staff-level agreement with the Egyptian authorities for the completion of the fifth and the final review of Extended Fund Facility (EFF). 

The vote follows Egypt’s decision earlier this month to implement the final round of fuel subsidy cuts, which raised domestic prices by between 16 per cent and 30 per cent to bring them into line with their real cost. 

Earlier this month, the Cabinet denied rumors about seeking a new loan from the IMF after receiving the final tranche of the $12bln loan, clearing that Egypt’s economy is performing better and has restored their confidence in it.

In case of approval of the fifth review, the IMF will disburse the sixth tranche of Egypt's $ 12 billion loan to Egypt.

On November 11, 2016, the Executive Board of the International Monetary Fund (IMF) approved a three-year extended arrangement under the Extended Fund Facility (EFF) for Egypt for an amount equivalent to US$12 billion to support the Egyptian government’s economic reform program.

In February, Egypt received a fifth $2 billion tranche from the International Monetary Fund of the $12 billion loan package from the international lender.

Last May, the IMF staff team and the Egyptian authorities have reached a staff-level agreement on the fifth and final review of Egypt’s economic reform program, which is supported by the IMF’s Extended Fund Facility arrangement.

The IMF statement said that over the last three years the Egyptian authorities have carried out an ambitious home-grown reform program, which has aimed to correct significant external and domestic imbalances, promote inclusive growth and job creation, and strengthen social spending.

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