The action comes after almost two and a half months of reaching a staff-level agreement regarding the review.
On 25 December, the IMF’s mission to Egypt announced that it had reached a staff-level agreement with Egypt on the fourth review of the $8 billion EFF loan programme.
Since then, no developments have been announced regarding the review except statements from the fund and the Egyptian government that the review will be completed soon.
Once the IMF’s Executive Board approves the fourth review, Egypt will receive a $1.2 billion tranche.
This review is the first after the fund’s response to the Egyptian government’s request to raise the loan amount from $3 billion to $8 billion amid the geopolitical tensions in the region and their implications on the country’s economy.
The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions that cause a sharp decline in Suez Canal receipts,” said Ivanna Vladkova Hollar, the IMF’s Mission chief to Egypt, after reaching the staff-level agreement in December.
The Egyptian government has listed 10 state- and military-owned companies to run under the country’s initial public offering (IPO) programme in 2025. Four of these companies will go public during the first half of 2025.
Accelerating Egypt’s divestment plan is a key measure under the IMF loan deal, mainly under the fourth review.
Short link: