IMF first review on Egypt programme may be before June: minister

Egypt and the International Monetary Fund (IMF) have not yet agreed on a date for the first review under a $3 billion financial package signed in December, said Finance Minister Mohamed Maait on Sunday.

“It was planned to be in March but was delayed as it coincided with the holy month of Ramadan and Eid al-Fitr holiday then the (IMF/World Bank) annual spring meetings took place in Washington.” Maait said in a phone interview with El Hekaya’s Amr Adib at MBC Masr.

“I expect the review will be completed before June.” the minister further said.

In December, the IMF approved a $3 billion Extended Fund Facility loan for Egypt, which went through serious financial challenges due to long-standing problems that were exposed by economic fallout from the Russian war in Ukraine.

Disbursements under the 46-month programme are subject to eight reviews, the first of which was supposed to be on March 15, 2023.