Egypt expects IMF loan program review before year-end: minister

Egypt expects the International Monetary Fund (IMF) will review its economic reform programme before the end of the year, Finance Minister Mohamed Maait said on Wednesday.

“Egypt has repaid $52 billion worth of debts in the past two years.” Maait told CNBC Arabia.

Earlier in September, the Egyptian finance ministry said in a detailed budget explanation that the country agreed with the IMF to merge the fund’s first and second reviews of its programme.

“Both the International Monetary Fund and the Egyptian state agreed to merge the first and second reviews at the same time, which is expected to be determined before the end of 2023,”

The first review was repeatedly delayed as it was supposed to take place last March.

In December last year, IMF’s executive board approved a 46-month arrangement of about $3 billion under the Extended Fund Facility (EFF) to Egypt. Disbursements under the IMF programme were supposedly subject to eight reviews,