EGYPT: An Egyptian lawmaker has revealed that the first review by the International Monetary Fund (IMF) of Egypt’s economic reform programme, initially scheduled for September, has been postponed for the second time. It is now anticipated to take place in the first quarter of 2024.
“The initial review by IMF experts this month will not proceed due to the government’s delay in fulfilling some of the commitments it made with the IMF under the recent agreement,” said Yasser Omar, the Deputy Chairman of the Parliamentary Planning and Budget Committee. In December 2022, the IMF’s Executive Board approved a US$3bn loan to Egypt under a 46-month agreement. Egypt received the first installment of US$347 million in December, with the remaining disbursements contingent on reviews conducted by IMF experts. (Asharq Al-Aswat)