A spokesman for the International Monetary Fund (IMF) said, on Thursday, that preparations for the first review of the Egyptian economic reform programme with the fund have begun, and that the date for the arrival of the review mission will be announced upon agreement with the authorities.
In December, the fund approved a $3 billion extended facility loan for Egypt, which has been under severe financial stress since the economic fallout from the war in Ukraine exposed its longstanding financial problems.
The provision of funds under the 46-month program is subject to eight reviews, the first of which was scheduled for March 15, 2023, according to the IMF staff report published in December.
Among the main commitments Egypt made for the loan were a permanent shift to a flexible exchange rate regime and wide-ranging structural reforms to reduce the state's influence in the economy.
The Egyptian pound has lost nearly 50% of its value over the past year after three sharp devaluations. In the past two weeks, the dollar has ranged between EGP 30.75 and 30.95.
Analysts say the pound has come under renewed pressure, partly due to delays in expected sales of state-owned assets.
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