IMF mission to visit Egypt in May to discuss final review of loan

An International Monetary Fund mission will visit Egypt in May to conduct its final review of the country’s three-year $12 billion loan programme, IMF Mission Chief for Egypt, Subir Lall said on Tuesday.

The IMF will disburse the fifth out of six $2 billion tranches, after completing its fourth and final review of the programme.

Speaking to the press delegation accompanying the American Chamber of Commerce in Cairo’s door-knock mission to Washington, Lall commended Egypt’s economic reform measures undertaken to improve the investment environment and encourage the private sector to continue to expand.

The IMF official also said that Egypt’s implementation of its reform programme had helped the economy to perform well, and lower unemployment indicators, which had fallen to the lowest level since 2011. It also helped increase the monetary reserves of the Central Bank of Egypt, as well as bringing about a decline in public debt levels due to the improvement of the country’s public finances, Lall added.