IMF to review Egypt’s loan programme this year but not in Sept: sources

The International Monetary Fund (IMF) is unlikely to conduct the first review of a loan programme for Egypt this September, but it will be this year, Asharq Bloomberg reported on Monday.

There has been no date specified for the review yet, a government official source further said on condition of anonymity.

The IMF’s first review was originally scheduled for March, but was delayed as it coincided with the holy month of Ramadan and Eid al-Fitr holiday followed by the IMF/World Bank 2023 annual spring meetings in Washington.

In April, Bloomberg reported that the IMF was waiting for Egypt to implement more of the “wide-ranging reforms” before conducting the review.

Last December, the executive board of the IMF approved a 46-month arrangement of about $3 billion under the Extended Fund Facility (EFF) to Egypt. Disbursements under the 46-month programme are subject to eight reviews, the first of which was set to take place on March 15, 2023.