CAIRO: The International Monetary Fund announced on Wednesday that its mission had completed a visit to Egypt, achieving significant progress in policy discussions aimed at finalizing the fourth review of the IMF loan program.
This review, which has the potential to release over $1.2 billion in funding, marks the fourth under Egypt's current 46-month IMF loan program. Initially approved in 2022 and later expanded to $8 billion this year, the program was established in response to an economic crisis characterized by high inflation and severe foreign currency shortages.
The IMF also highlighted that Egypt has successfully implemented crucial reforms to maintain macroeconomic stability, including the unification of the exchange rate, which has facilitated imports. The country's central bank has reaffirmed its dedication to maintaining a flexible exchange rate regime.
Earlier on Wednesday, Egypt's Prime Minister Mostafa Madbouly disclosed that Cairo has requested the IMF to adjust the program's targets, not just for this year but for its entire duration. He did not provide further details.
The IMF further stated, "Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review."
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