Egypt's PM Reveals Reasons for Delaying Approval of IMF Third Review

Egyptian Prime Minister  Mostafa Madbouly said that the relationship between Egypt and the International Monetary Fund (IMF) is doing very well, and the Fund has completed the third review of the the Extended Fund Facility (EFF), however the Board of Directors meeting was supposed to be scheduled for July 10, but was postponed to the 29th. 

These are procedures within the Fund, where the Board of Directors approves a topic or technical matters according to the meeting agenda.

Madbouly added, during a press conference: “We were and are still keen and there is full communication with the Fund’s leadership, and there was a phone call with the Fund Director personally after the formation of the government and the swearing in, and she affirmed the Fund’s continued support for Egypt in completing its economic reform program.

The Prime Minister continued that matters are stable, and the Fund’s Board of Directors has set July 29 to approve the deal or present the issue related to Egypt.

The IMF said in a press conference that "consideration of the Third Review is scheduled for July 29th, and approval by our Executive Board would provide Egypt with access to about $820 million U.S. dollars. Recent efforts by the Egyptian authorities to restore macroeconomic stability have helped improve economic conditions in Egypt."