The International Monetary Fund announced today, Thursday, the start of preparations for the first revision of the Egyptian economic reform program.
The Foundation said the dates for the review mission would be announced in consultation with the Egyptian authorities.
Last December, the International Monetary Fund approved an extended $3 billion credit line to Egypt to help it overcome serious financial difficulties caused by the economic fallout from the Russian-Ukrainian war.
Under the agreement, payments under the 46-month program are subject to eight reviews, the first of which is dated March 15, 2023, in an IMF staff report released in December.
Last January, the International Monetary Fund said the remaining $2.8 billion in funding provided to Egypt would be paid in 8 equal tranches worth $347 million by September 2026.
Among Egypt’s main commitments to secure the loan were a permanent transition to a flexible exchange rate regime and wide-ranging structural reforms to reduce the state’s influence in the economy.
The Egyptian pound has lost about 50% of its value since last year 2022 after three sharp devaluations. It has been trading in a tight range between 30.75 and 30.95 pounds per dollar in the past two weeks, and analysts say the pound has come under pressure again in part; Due to the delay in the sale of state-owned assets or putting them up for auction on the stock exchange.
Source: Egyptian media