IMF to conduct 4th review of Egypt’s economic program in November
Updated 10/1/2024 7:26:00 AM
Arab Finance: The International Monetary Fund (IMF) is set to begin the fourth review of Egypt’s economic reform program in November, an unnamed government official told Asharq Business.
This review is crucial for the release of a $1.3 billion loan tranche, the largest among the scheduled payments.
In May, the IMF disbursed the third tranche of $820 million as part of Egypt’s support program.
The first and second reviews were completed in March, leading to an increase in the overall program value by $5 billion, bringing the total to $8 billion.
This allowed Egypt to immediately access $820 million in funds.
In its August report on Egypt’s economy, the IMF emphasized the importance of tax revenue unification to enhance the primary surplus, while prioritizing key expenditures.
It also highlighted the need for a stronger debt management strategy to lower financing requirements, as well as efforts to attract more financial resources.
Additionally, the IMF urged reforms in state-owned bank governance, competition frameworks, and the modernization of trade facilitation procedures to boost efficiency and remove barriers.
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