The International Monetary Fund will begin a review of Egypt’s loan programme on Tuesday, which could open access to more than $1.2 billion in funding, according to Egyptian Prime Minister Mostafa Madbouly in a press conference with IMF Managing Director Kristalina Georgieva on Sunday.
Egypt has been requesting RSF financing since 2022, hoping that this would provide up to $1 billion in additional funding. The review on Tuesday comes as the fourth under the IMF’s latest 46-month loan programme for Egypt, which was approved in 2022 and expanded to $8 billion this year following an economic crisis marked by high inflation and severe foreign exchange shortages.
Georgieva praised the fund’s engagement with Egypt and highlighted current global challenges, noting that IMF discussions next week will also look at ways to support the country’s goals of greening the economy and accessing the Sustainability and Resilience Fund as part of these efforts.
Madbouly, meanwhile, emphasised mutual partnership with the IMF, adding that Egypt “expects continued successful and fruitful partnership in the coming period.” He later said that negotiations with the IMF during the fund’s annual meetings in October did not include additional funding, but aimed at reassessing Egypt’s commitments, goals and timelines.
In July, the IMF concluded its third review, saying that while inflationary pressures are gradually easing, foreign exchange deficits have been eliminated, and fiscal targets have been met, the need to step up efforts to accelerate the programme to sell state-owned enterprises is highlighted. It also spoke out against unfair competitive practices.
