IMF to begin delayed review of Egypt loan programme

The International Monetary Fund will this week begin its delayed fourth review of Egypt’s 46-month loan program, Prime Minister Madbouly said on Sunday. The review had originally been scheduled for the end of September. The fourth review will unlock $1.2 billion in new financing.

At a Cairo joint news conference with IMF’s managing director Kristalina Georgieva, Madbouly said the IMF team would start work on the review on Tuesday “with Egypt’s central bank and relevant ministries.” The IMF chief acknowledged the challenges faced by the country’s economy amid regional conflicts.