CAIRO – 1 April 2024: The International Monetary Fund (IMF) anticipates a further increase in inflation rates in Egypt to reach 25.5 percent during the upcoming fiscal year, head of the International Monetary Fund (IMF) mission to Egypt, Ivanna Vladkova Hollar told local media sites.
Hollar also highlighted that the third review of Egypt's economic reform program is expected to be completed by the end of June. Following this review, a new loan tranche, with a maximum amount of $820 million, will be disbursed.
Under the loan program with Egypt, there are 8 reviews scheduled every six months starting from the fourth review onwards.
Completing these reviews will result in a disbursement of $1.3 billion in total, with the final review expected to conclude in the autumn of 2026.
In recent news, Egypt's Prime Minister, Mostafa Madbouly, announced that the country is set to receive the initial tranche of the IMF loan in the upcoming week.
Furthermore, in March, Egypt signed an agreement with the IMF to increase its existing $3 billion deal to $8 billion.
In February, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported that the annual inflation rate in Egyptian cities rose to a record 36.0 percent in February 2024, compared to 31.2 percent in January 2024.
Additionally, Egypt's monthly inflation rate for February 2024 was reported to be 11.0 percent, compared to 1.7 percent in January 2024, according to CAPMAS.
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