IMF mission visits Egypt for 3rd review

Updated 5/23/2024 5:01:00 AM
IMF mission visits Egypt for 3rd review

Arab Finance: An International Monetary Fund’s (IMF) mission is currently in Cairo to conduct the third review of Egypt's economic reform program, a government official told Asharq Business.

On March 29th, the IMF’s Executive Board concluded the first and second reviews EFF deal with Egypt and approved an augmentation of the original loan program by $5 billion, as per the report.

This decision enables Egyptian authorities to access about $820 million immediately.

During the review process, the board noted that most quantitative performance targets for the end of June 2023 were met, except for one criterion regarding net international reserves.

The third review of the financing program is expected to be completed on or after June 15th, 2024, and the fourth review on or after September 15th, 2024.

Egypt has pledged to provide the IMF with accurate and timely data necessary for program monitoring, as well as any information that materially impacts economic conditions and the program’s objectives.

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