Postponement of First Review of Egyptian Loan Program by IMF

Introduction

The Chairman of the Plan and Budget Committee of the Egyptian House of Representatives, Fakhry El-Feki, said that it had been decided to postpone the first review of the Egyptian loan program by the International Monetary Fund.

Postponement of Meeting with IMF Experts

In statements to the Cairo 24 website, former International Monetary Fund adviser Fakhri indicated that the Egyptian delegation’s scheduled meeting with IMF experts in September this year to conduct a first review of Egypt’s economic reform program has been postponed until IMF experts met with Al-Masri’s delegation to discuss the first and second review together, on the sidelines of the annual meeting of the Fund and the World Bank, which will take place in Morocco from October 9 to 15.

Loan Agreement with IMF

It is worth noting that the Executive Board of the International Monetary Fund last December agreed to provide Egypt with a loan of three billion dollars as part of a 46-month agreement, as Egypt received the first payment from the fund in December amounting to $347 million, and the remaining payments were scheduled to be received over the results of checks carried out by the Foundation’s experts.

List of Companies and Banks for Investors

Earlier, Egyptian Prime Minister Mostafa Madbouly announced a list of 32 companies and banks that the government intends to offer to investors within a year.

Target for Foreign Direct Investment

Finance Minister Mohamed Maait said Egypt aims to reach ten billion dollars in net foreign direct investment in the current fiscal year, up from $8.6 billion in the previous fiscal year.

Annual Reviews by IMF

Fund experts are conducting two annual reviews of Egypt’s economy until September 2026, for a total of eight, according to a document published by the IMF. The first review was supposed to take place in March last year.

Source

Source: Cairo 24