IMF mission concludes visit to Egypt for the fourth review of loan programme
5:54 pm Wednesday, November 20th, 2024
CAIRO (Reuters) – The International Monetary Fund said on Wednesday that its mission had concluded a visit to Egypt and made substantial progress on policy discussions toward the completion of the fourth review of IMF loan programme.
The review, which could unlock more than $1.2 billion in financing, is the fourth under Egypt’s latest 46-month IMF loan programme that was approved in 2022 and expanded to $8 billion this year after an economic crisis marked by high inflation and severe foreign currency shortages.
The IMF also said that Egypt “has implemented key reforms to preserve macroeconomic stability”, including the unification of the exchange rate that eased imports, with its central bank reiterating its commitment to sustain a flexible exchange rate regime.
Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.
“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.
(Reporting by Yomna Ehab and Enas Alashray; Editing by Lisa Shumaker)
