IMF delays meeting with Egypt on loan program review to late July

(MENAFN) The International Monetary Fund (IMF) recently announced a postponement of its scheduled meeting with Egypt to discuss the third review of an extended loan program. Ivana Vladkova Hollar, the IMF's mission chief overseeing Egypt, disclosed that the IMF Executive Board meeting on Egypt's Extended Fund Facility (EFF) has been rescheduled to July 29. No specific reason was provided for the delay, originally slated for July 10, a crucial date where decisions regarding a USD820 million disbursement to Cairo were anticipated.

Back in April, the IMF Executive Board completed comprehensive reviews of Egypt’s EFF arrangement, greenlighting an augmentation of financial resources by approximately USD5 billion (SDR 3.76 billion). This strategic move facilitated immediate access for Egyptian authorities to about USD820 million (SDR 618.1 million). Initially sanctioned on December 16, 2022, Egypt’s 46-month EFF arrangement aimed to bolster economic reforms within the country. The deferred meeting in late July will now pivot towards evaluating the third review, assessing Egypt’s progress under the EFF, and exploring prospects for additional financial support to fortify Egypt’s economic initiatives.

This rescheduling underscores the IMF’s ongoing commitment to supporting Egypt's economic stability and growth, reflecting a strategic partnership aimed at sustaining economic reforms and fostering long-term prosperity.



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