Arab Finance: The fourth review of Egypt’s extended facility financing (EEF) program is expected to be completed between September 15^th and end-December, Head of the International Monetary Fund (IMF) mission in Egypt Ivana Vladkova Hollar announced in a recent video press conference.

Successful completion of this review would unlock $1.3 billion in funding, the largest tranche of the current program, Hollar noted.

Hollar has urged the Egyptian government to accelerate its economic reform efforts.

She emphasized the need for Egypt to advance in implementing its state ownership policy and to enhance structural reforms that would boost private sector involvement.

She noted that, despite the government's efforts to sell state assets, progress has been slower than anticipated.

Among the reforms Hollar advocates for are the adoption of flexible exchange rate, the reduction of energy subsidies, and aligning energy prices with their actual cost.

For his part, Egyptian Prime Minister Mostafa Madbouly announced in another press conference that Egypt aims to avoid entering into a new program with the IMF upon the conclusion of the current agreement, which is set to end by late 2026.

Madbouly emphasized the government's intention to move beyond IMF programs once the current one is completed.

On Monday, the IMF completed the third review of Egypt’s $8 billion Extended Fund Facility (EFF) arrangement

Hence, the Egyptian authorities can immediately draw around $820 million, equivalent to special drawing rights (SDR) of 618.1 million.

Egypt commits to zero CBE claims by EGP 100B each FY: IMF Updated 8/27/2024 7:50:00 AM

Alexandria Ports to secure EGP 6B loan for infrastructure upgrade Updated 8/14/2024 8:22:00 AM

IMF’s Financial Support to Egypt: A Step Towards Economic Recovery Updated 8/6/2024 8:00:00 AM

Egypt receives $820M in 3rd tranche of IMF’s EFF Updated 8/4/2024 7:04:00 AM

EBRD, Credit Agricole to back green investments in Egypt with $20M Updated 8/1/2024 2:30:00 PM