IMF Set to Begin Egypt’s Fourth Review in November

Bloomberg revealed that the International Monetary Fund (IMF) will begin the fourth review of Egypt’s economic reform program in November.

The completion of this review will allow for the disbursement of a $1.3 billion tranche of the fund’s loan, which represents the largest among the various tranches.

Last May, the Board of the International Monetary Fund approved the disbursement of the third tranche of Egypt's support program worth $820 million, and at the end of last March, the IMF Board approved the first and second revisions within the framework of facilitating the Extended Fund for Egypt, and approved to increase the value of the original program by about $5 billion, to reach $8 billion, which allowed the state to withdraw liquidity from the fund by about $820 million immediately.

In a review report of the Egyptian economy issued in August, the Fund pointed to the need for a clear shift towards consolidating tax revenues to increase the primary surplus in a sustainable manner, and make room for priority expenditures, and also called for taking advantage of the current improvement in market sentiment to develop a more robust debt management strategy, to reduce overall financing needs.