IMF to start 4th review of Egypt’s EFF loan program in November

Minister of Planning and Economic Development, Rania Al-Mashat, announced that the International Monetary Fund (IMF) will initiate the fourth review of Egypt’s Extended Fund Facility (EFF) loan program in November, with an IMF mission set to visit Cairo.

The announcement was made during a press conference held alongside the release of key economic indicators for the fiscal year 2023/2024 and an overview of the ministry’s efforts in managing investment expenditure and the integrated national development financing strategy, at the ministry’s headquarters in the New Administrative Capital (NAC).

Earlier in October, Julie Kozack, Director of the IMF Communications Department, confirmed in a virtual press conference that the fourth review of the EFF program would commence in November.

Additionally, a government official stated that completing this review would enable the disbursement of a $1.3 billion tranche, the largest of the various tranches in the loan package.

During the same conference, Al-Mashat mentioned that Egypt is finalizing the required approvals and procedures for securing $2.9 billion in funding.

This support aims to bolster the general state budget and further enhance structural reforms, in collaboration with several development partners.