CAIRO - 23 May 2024: An International Monetary Fund (IMF) mission is currently in Cairo to conduct the third review of Egypt's $8 billion Extended Fund Facility (EFF) loan program, according to two unnamed government officials.
The IMF team has been in the Egyptian capital for the past two days to assess the country's progress under the loan agreement, the officials stated. The third review is expected to be completed on or after June 15, 2024, with the fourth review slated for on or after September 15.
If the third review is successfully concluded, Egypt could receive $820 million from the IMF starting June 15, the Fund reported over the weekend. This would align the loan disbursements more closely with the review cycles under the program.
According to the IMF's latest report published in April 2024, Egypt has achieved 7 out of the 15 structural benchmarks and commitments outlined in the EFF program so far.
In late March, the IMF's Executive Board extended the $5 billion loan package for Egypt after completing the long-awaited first and second reviews, enabling the country to access $820 million at that time.
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