Egypt's $8bn IMF loan programme to be finally reviewed, says PM: Video
The International Monetary Fund (IMF) is set to begin its delayed review of Egypt's loan programme on Tuesday, November 5, according to Prime Minister Mostafa Madbouly.
This announcement was made during a press conference held on Sunday, November 3, where Madbouly was joined by IMF Managing Director Kristalina Georgieva.
"The important thing I want to point out is that the fourth review of the programme will start the day after tomorrow and the IMF team will start its work the day after tomorrow in cooperation with the Central Bank and the relevant ministries," Mostafa said.
The review, which could unlock more than $1.2 billion in financing, is the fourth under Egypt's current 46-month IMF loan programme. Initially approved in 2022, the programme was expanded to $8 billion this year to help Egypt navigate an economic crisis marked by high inflation and severe foreign currency shortages.
"We have demonstrated that support in April, when we have taken the decision to increase the size of our programme from $3 billion to $8 billion, recognising how conditions have become more difficult for no fault of your own, but because of the conflict in your neighbourhood," Kristalina explained in an AFP footage.
She explained that the IMF's third review was conducted because inflationary pressures were gradually easing and foreign exchange shortages had been addressed.
"Inflation is moving down, it peaked at 37% last year, now it is around 25-26%, but the trend is toward lowering it somewhere around 16-17% by the end of the fiscal year," she added.
