A snap shot of Julie Kozack, Director of the IMF’s Communications Department speaks during a virtual press briefing the Fund.
The IMF has a mission currently on the ground in Cairo to discuss Egypt’s ongoing reform programme. The mission will also discuss completing the fifth and sixth reviews of the Extended Fund Facility (EFF) and the first review of the Resilience and Sustainability (RSF) loan deal.
Kozack made her remarks during a hybrid press briefing from Washington, DC, on Thursday, in response to Ahram Online’s question about updates on the three ongoing reviews.
According to Kozack, the mission will discuss multiple key issues, including the current update of the State Ownership Policy and the full completion of all reviews.
The talks, which are expected to end on 14 December, centre on Egypt’s macroeconomic stabilization efforts, progress on structural reforms, and measures implemented since the last IMF disbursement.
Following the first four reviews of the $8 billion EFF programme loan deal, Egypt has so far received around $3.2 billion. Successful completion of the fifth and sixth EFF reviews, which will be conducted simultaneously, will unlock approximately $2.5 billion in additional funding for Egypt. The mission is also expected to proceed with the first review for the Resilience and Sustainability Fund's (RSF) $1.3 billion loan programme deal.
The IMF said the dual-review approach was adopted to allow more time for finalizing key policy actions, particularly those aimed at strengthening the private sector’s role in the economy.
The mission’s visit comes as Egypt continues to implement its EFF commitments, including tight monetary policy, a flexible exchange rate, and stronger fiscal measures to address accumulated imbalances.
The IMF noted that Egypt has made progress on monetary tightening. Since the programme was approved in December 2022, the Central Bank of Egypt has raised policy rates and maintained a restrictive stance to curb inflation and restore confidence.
Short link: