An informed government source said that the International Monetary Fund‘s (IMF) Executive Board will convene after the New Year holidays to approve a report on the fifth and sixth reviews of Egypt’s reform program at the staff level.
The source indicated that this step paves the way for the report’s final approval by the IMF Executive Board and the subsequent disbursement of the two tranches, totaling approximately $2.7 billion, to Egypt.
The source did not specify any further dates or details.
“We are pleased with this achievement. We have reached this milestone in an important phase, and we have further ambitions for reforming the economy and public finances,” the source said.
They added that the IMF’s statement on the Egyptian economy indicates progress on the right track and is a positive indicator of the results achieved.
Agreement reached
The IMF announced Monday evening that its team and the Egyptian authorities had reached a staff-level agreement on the fifth and sixth reviews under the Extended Fund Facility program and the first review under the Resilience and Sustainability Program (RSP), paving the way for $2.7 billion in financing.
In a statement released Monday evening, the IMF’s mission chief to Egypt Vladkova Hollar said, “Efforts to achieve economic stability have yielded significant gains, with the Egyptian economy showing signs of strong growth. This stability has been achieved amid a challenging regional security environment and heightened global uncertainty.”
The approval comes after the IMF stipulated that reforms be implemented in the state-owned enterprises privatization program and fuel subsidy reductions before disbursing the fifth and sixth review tranches of $2.5 billion to Egypt, in addition to the first tranche of $274 million, under the RSP.
The IMF said that economic activity grew by 4.4 percent, compared to 2.4 percent in the previous year.
“The broad-based recovery was supported by strong performances in non-oil manufacturing, transportation, the financial sector, and tourism,” it noted.
Egypt had reached an agreement with the IMF in March 2024 to increase the support program from three billion dollars to eight billion, and the IMF disbursed $1.2 billion in March after completing the fourth review.
Edited translation from Al-Masry Al-Youm
IMF set to approve US$2.7 billion to Egypt after New Year holidays: Source Egypt Independent.
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