IMF to begin 4th review of Egypt’s loan programme after annual meetings – PM

An International Monetary Fund (IMF) mission will begin its fourth review of Egypt’s loan programme following the conclusion of the IMF/World Bank’s annual meetings, Prime Minister Moustafa Madbouly announced on Wednesday.

The 2024 Annual Meetings of the IMF and the World Bank Group is currently taking place in Washington, D.C., on October 21-26.

During a press briefing held at the Cabinet headquarters, Prime Minister Madbouly stated that the upcoming review would focus on coordinating with the IMF to reassess certain targets and timelines within the reform programme. This reassessment will be guided by recent developments and events, as instructed by President Abdel Fattah al-Sisi.

He highlighted that the mechanisms of the review are crucial, indicating a commitment to ongoing discussions with the IMF mission to ensure alignment with Egypt’s national interests. Prime Minister Madbouly emphasised the importance of fostering economic growth while also minimising social impacts on Egyptian citizens.

This review will be the fourth under Egypt’s latest 46-month IMF loan programme, which was approved in 2022 and expanded to $8 billion this year.

On Sunday, President Sisi warned Egypt might be forced to re-evaluate its $8 billion programme with the IMF if international institutions do not take into account the extraordinary regional challenges the country is facing.

Attribution: The Egyptian Cabinet