IMF fourth review approval gives confidence boost to Egypt’s economic reforms – PM

The International Monetary Fund’s (IMF) initial approval of a fourth review to unlock a $1.2 billion instalment gives the Egyptian government a powerful confidence boost to continue its economic reform agenda, Prime Minister Moustafa Madbouly said on Wednesday.

The IMF’s announcement underscores the global confidence in Egypt’s economic reform path, Prime Minister Madbouly stated, emphasising “the positive reception from international markets.”

Last week, the IMF announced that it had reached a staff-level agreement with Egypt on the fourth review under its Extended Fund Facility arrangement, potentially unlocking a $1.2 billion disbursement under the programme. The final disbursement is still subject to the IMF Executive Board.

Attribution: Amwal Al Ghad English