Cairo – An IMF spokesman said on Thursday that preparations for the first review of Egypt’s economic reform programme with the IMF have started and that dates for the review mission will be disclosed once they have been decided upon with the authorities.
Egypt has been experiencing severe financial pressure since since long-standing issues were made apparent by the economic consequences from the crisis in Ukraine. The IMF approved a $3 billion Extended Fund Facility loan for Egypt in December.
Disbursements under the 46-month programme are subject to eight reviews, the first of which was dated March 15, 2023 in an IMF staff report published in December.
Among the primary obligations that Egypt made to secure the loan were a permanent shift to a flexible exchange rate regime and wide-ranging structural changes to decrease the state’s influence in the economy.
Egypt’s currency has lost roughly 50 percent of its value over the past year following three dramatic devaluations. Despite the pound’s declining value on the black market, it has traded in a tight range over the previous two weeks between 30.75 and 30.95 pounds to the dollar, according to Eikon data.
Experts say the pound has come under increased pressure partially due to delays in scheduled sales of state assets.
