Julie Kozack, Head of the International Monetary Fund (IMF) 's Communications Department, made these remarks during a hybrid press briefing the fund held on Thursday. Her statements came in response to Ahram Online's questions on the role the new development economic narrative Egypt launched this week is expected to play in boosting the remaining four reviews under the current $8 billion Extended Fund Facility (EFF) and the newly-approved Resilience and Sustainability Facility (RSF) $1.3 billion loan programme.
Kozack noted that with macroeconomic stabilisation now underway, the moment is ripe for Egypt to press ahead with reforms that can also reduce economic vulnerabilities and strengthen private sector participation.
She confirmed that the fifth and sixth reviews of Egypt's Extended Fund Facility (EFF) programme will be combined and completed this fall, with a mission expected to visit Cairo in the coming months. The combined review will determine the following disbursements under the $8 billion programme.
Egypt launched this week its new economic development narrative that charts a map for the Egyptian economy in five key tradable sectors through 2030. An IMF mission is expected to arrive in Cairo this fall to discuss the fifth and sixth reviews of the EFF programme and the first review of the RSF deal. Kozach did not confirm, however, whether the mission will arrive later this month or in October as reported.
On the Resilience and Sustainability Facility (RSF), the IMF explained that its first review will take place alongside the sixth EFF review. Disbursements under the RSF will only be unlocked once reform measures are met. For the first review, two measures are scheduled for assessment, each tied to about $137 million, totalling roughly $274 million.
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