IMF delegation arrives in Cairo to review economic reform progress

A delegation from the International Monetary Fund (IMF) arrived late Friday in Cairo on a visit that aims to review Egypt’s progress on economic reform, Al-Ahram reported.

The delegation’s arrival comes ahead disbursing the fourth instalment, which is worth $2 billion, of a $12 billion IMF loan.
Among experts of the delegation were Egypt’s former Prime Minister Hazem El-Beblawi, who is currently executive director of the IMF, as well as IMF first deputy managing director David Lipton.

Egypt agreed the three-year IMF loan programme in November 2016, tied to sweeping reforms such as spending cuts and tax hikes.

These steps, together with monetary reform, aim to achieve stability at the macroeconomic level and reduce inflation.

Egypt is negotiating billions of dollars in aid from various lenders to help revive the economy and ease a dollar shortage that has crippled imports and driven away foreign investors.

Egypt received the first tranche of the IMF loan in November 2016. The second tranche was disbursed to Egypt in March 2017. The third tranche was signed in January 2018.

The IMF undertakes a review twice a year to monitor government commitment to reform before disbursing a new tranche of funding.