'IMF Does Not Rule Out Possibility to Conduct Egypt's Review This Year', Says Georgieva

The Director General of the International Monetary Fund Kristalina Georgieva did not rule out that the Fund’s program with Egypt will be reviewed during the remainder of the current year 2023, noting that the Fund is working intensively with the Egyptian authorities to find solutions to the remaining points in the review.

Georgieva said in an interview with Al-Arabiya: “We are dealing closely with the Egyptian authorities. There has been a lot of progress, for example, bringing more private capital into areas where state-owned enterprises may not be the best way to deal with Economic objectives.

She added: “There is still some work to be done on the issue of how best to allow the exchange rate to move freely. I am very much looking forward to meeting the Egyptian delegation when we participate in the annual meetings.”

“We are very keen to see progress on the review as quickly as we can resolve the remaining issues, and yes, it is possible for the review to take place within this year,” she said.

Egypt has a financing program with the IMF worth $3 billion, but the implementation of the program has been disrupted in light of the continuing postponement of the review of the program by the Fund, which was scheduled to take place last March.

According to Al Arabiya, the Egyptian government currently spends more than 40% of its revenues on debt service, while financing needs for the fiscal year 2023/24 amount to about $24 billion, according to official data.