IMF delegation to visit Egypt Sunday to review economic reform updates

A delegation from the International Monetary Fund (IMF) will arrive in Egypt on Sunday to review progress on its economic reform programme.

The delegation seeks to complete the first review of the programme required before disbursing the $1.25 billion second installment of a three-year $12-billion loan. It will stay in Egypt until May 11th.

The reforms include a raft of measures including loosening capital controls, ending energy subsidies, reforming public enterprises and overhauling monetary policy in a bid to restore economic stability and long-term growth.

The IMF originally approved the loan, intended to jumpstart an economy battered by years of turmoil that have driven away investors and tourists, in November when it released the first $2.75 billion installment.

In November, Egypt agreed on a three-year loan deal with the IMF, which involved tough economic reforms such as narrowing its budget deficit and letting the Egyptian pound float freely in the exchange market.