Egypt, IMF in ‘close engagement’ to set date for delayed review

The International Monetary Fund (IMF) said on Thursday it is in “close engagement” with Egypt to set the dates to discuss a much-delayed review of a $3 billion loan programme.

“Our discussions are very much focused on making sure that Egypt succeeds,” IMF Managing Director Kristalina Georgieva told reporters at the lender’s annual meetings in Morocco.

The IMF has yet to complete loan programme reviews, which were supposedly to take place last March and September.

Earlier on Wednesday, Egyptian Finance Minister Mohamed Maait told CNBC Arabia that the country expects an announcement on the IMF review before the end of 2023.

In December last year, IMF’s executive board endorsed a 46-month arrangement of about $3 billion under the Extended Fund Facility (EFF) to Egypt.