No dates set for Egypt's IMF loan review: Sources

Doaa A.Moneim , Muhammed Khalid , Sunday 17 Sep 2023

The times scheduled for the International Monetary Fund’s (IMF) reviews of the Egyptian economy for the $3 billion loan program with the fund are “tentative and not final," a high-level source familiar with the deal told Ahram Online.

IMF HQ in Washington. Official Website.
IMF HQ in Washington. Official Website.


Speaking from Washington DC, The IMF’s Spokesperson Julie Kozack told Ahram Online that the IMF continues to engage closely “with the Egyptian authorities including on policy advice and technical assistance," adding that the IMF "will communicate program-related updates in due course.”

Under its $3 billion loan agreement with the IMF, Egypt has adopted a flexible exchange rate system and offered stocks at state-owned companies for strategic investors.

The IMF's loan will be disbursed in eight installments, each preceded by half-annual reviews.

The first review was initially scheduled for March but was postponed to the end of June, and the second review should have been conducted in mid-September.

On Sunday, Yasser Omar, Deputy Chairman of the Parliamentary Planning and Budget Committee, told the Asharq Al-Awsat news website that the first review will not occur due to the government’s delay in fulfilling its commitments to the IMF.

Egypt is ramping up efforts to fulfill these commitments to complete the first and second reviews of the programme.

The government is implementing a program offering stakes in 35 state-owned companies to strategic investors through 2024.

This program has already collected $5 billion, with another $5 billion in deals in the pipeline.

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