This announcement was made during a press conference held alongside the presentation of key economic indicators for the fiscal year 2023/2024
Minister of Planning and Economic Development, Rania Al-Mashat, announced that the International Monetary Fund (IMF) will start the fourth review of Egypt’s Extended Fund Facility (EFF) loan program in November through a mission visiting Cairo.
This announcement was made during a press conference held alongside the presentation of key economic indicators for the fiscal year 2023/2024 and an overview of the ministry’s efforts to regulate investment expenditure and the integrated national development financing strategy, at the ministry’s headquarters in the New Administrative Capital (NAC).
Earlier in October, In a separate virtual press conference, Julie Kozack, Director of the IMF Communications Department, also confirmed that the fourth review of the EFF program would begin in November.
In October, a government official stated that the IMF will begin the fourth review of Egypt’s economic reform program next November.
Completing this review allows for the disbursement of a $1.3 billion tranche of the Fund’s loan, which represents the largest among the various tranches, according to previous statements by an official at the international institution.
During the conference, Al-Mashat added that Egypt is working to complete the final stages of securing the necessary approvals and procedures for $2.9 billion in funding to support the general state budget and enhance structural reforms in partnership with several development partners.
