According to the IMF’s official website, the International Monetary Fund (IMF) has scheduled a board meeting on March 10 to discuss and approve the fourth review of Egypt’s existing Extended Fund Facility (EFF) agreement.
The review follows a staff-level agreement reached with Egypt on December 25 for an $8 billion loan program. Since then, no significant updates have been made, although both IMF and Egyptian officials have confirmed that the review is nearing completion.
Egypt will receive a $1.2 billion tranche once the review is approved. This review is the first review since the IMF agreed to increase the loan amount from $3 billion to $8 billion in response to the country’s economic challenges amid regional geopolitical tensions.
The Egyptian government continues to implement critical policies to maintain macroeconomic stability despite regional instability affecting the economy, including a sharp decline in revenues from the Suez Canal, said Ivanna Vladkova Hollar, the IMF’s chief of mission in Egypt. As part of the IMF agreement, Egypt is also advancing a divestment plan with plans to take several state and military companies public by 2025.