Head of the IMF’s Communication Department Julie Kozack made this announcement in her response to Ahram Online's question about the anticipated mission visit and how the Fund perceives the pace of reforms in the country amid regional tensions. This took place during a hybrid press briefing held at the IMF headquarters in Washington, DC.
Kozack also told Ahram Online that IMF staff are holding discussions with Egyptian authorities to assess the impact of the ongoing war in the Middle East on the Egyptian economy and review policies needed to advance Egypt’s reform programme. The completion of the seventh review is scheduled for 15 June.
“I can confirm that IMF staff are in Cairo right now to conduct the seventh review under the EFF arrangement and the second review of the RSF,” Kozack said.
She added that discussions focus on the impact of the war in the Middle East on the Egyptian economy, as well as the policies required to achieve the programme objectives and support a strong economic path forward that will benefit all Egyptians.
Kozack said that if a staff-level agreement is reached at the conclusion of the mission, the IMF expects to present the review to its Executive Board over the summer.
Pending board approval, completion of the reviews would unlock a new disbursement of around $1.6 billion for Egypt, she added.
Commenting on Egypt’s broader economic conditions and reform trajectory, Kozack said the regional conflict’s impact on the Egyptian economy has so far remained “relatively contained.”
She attributed this largely to “decisive policy actions taken by the authorities,” which she said helped ease external and fiscal pressures.
“We do expect growth to remain resilient,” Kozack said, noting that IMF staff would further assess economic developments during the ongoing mission in Cairo.
Ahram Online also asked the IMF official about the key outcomes of the meeting the Egyptian President held with the IMF’s managing director on the sidelines of the Africa Forward Summit, held on 11–12 May in Kenya.
Kozack confirmed to Ahram Online that the meeting was very constructive, saying discussions covered both the global implications of the war in the Middle East and ways the IMF could continue to support Egypt’s reform efforts amid heightened regional uncertainty.
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