IMF to set date for Egypt loan programme review before Oct-end

The International Monetary Fund (IMF) will probably set the date for the much-delayed review of Egypt’s $3 billion loan programme before the end of the current month, Asharq Al-Awsat reported on Friday, citing informed sources.

The Fund will merge its first and second reviews of Egypt’s economic reform programme to speed up the disbursement of new payments to the North African country, IMF Middle East and Central Asia director Jihad Azour told reporters on the sidelines of the annual meetings in Marrakesh, Morocco.

Earlier on Thursday, IMF Managing Director Kristalina Georgieva told reporters that the Fund is in “close engagement” with Egypt to set the dates to discuss the review of a $3 billion loan programme.

“Our discussions are very much focused on making sure that Egypt succeeds,”

The IMF was supposed to make Egypt’s loan programme last March and September.

In December last year, IMF’s executive board approved a 46-month arrangement of about $3 billion under the Extended Fund Facility (EFF) for Egypt.