The International Monetary Fund announced that its technical mission is currently in Cairo to conduct the seventh review of Egypt’s economic reform program under the Extended Fund Facility, alongside the second review under the Resilience and Sustainability Facility, in a move that could unlock up to $1.6 billion in new financing for the country.
Speaking during a press conference at the IMF headquarters in Washington, IMF Director of Communications Julie Kozack said discussions with Egyptian authorities are focused on assessing the economic impact of the ongoing war in the Middle East and reviewing the policy measures needed to support Egypt’s reform agenda.
Kozack said the IMF mission aims to conclude the review process by June 15, adding that if a staff-level agreement is reached, the review results are expected to be presented to the Fund’s executive board during the summer.
She confirmed that completion of both reviews, pending executive board approval, would enable Egypt to receive a new financing tranche estimated at approximately $1.6 billion.
The IMF official also said the impact of regional tensions on the Egyptian economy remains “relatively limited,” attributing that resilience to what she described as “decisive measures” implemented by the Egyptian government to contain external and financial pressures.
Kozack added that the IMF continues to expect Egypt’s economic growth to remain resilient despite regional instability, noting that the Fund’s mission will keep monitoring economic developments during its stay in Cairo.
Separately, she described the recent meeting between Egyptian President Abdel Fattah el-Sisi and IMF Managing Director Kristalina Georgieva on the sidelines of the Africa Forward Summit in Kenya as “highly constructive.”
According to Kozack, the talks addressed the broader consequences of the Middle East conflict and ways the IMF can continue supporting Egypt’s economic reform efforts amid rising geopolitical uncertainty across the region.
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