Hollar highlighted that 8 reviews are scheduled under the loan program with Egypt. These reviews will take place every 6 months, starting from the fourth review onwards.
The third review of Egypt's economic reform program will be finalized by the end of June 2024. Following the completion of the review, a new tranche of the loan, amounting to a maximum of $820 million, will be disbursed, Head of the International Monetary Fund (IMF) mission to Egypt, Ivanna Vladkova Holla said.
Hollar highlighted that 8 reviews are scheduled under the loan program with Egypt. These reviews will take place every 6 months, starting from the fourth review onwards.
As a result, a disbursement of $1.3 billion will be made based on these reviews. The program's final review is expected to conclude in the autumn of 2026.
The IMF anticipates a further increase in inflation rates in Egypt, with the average inflation for the upcoming fiscal year reaching 25.5%, according to the Head of the Fund’s mission to Egypt.
Recently, Prime Minister, Mostafa Madbouly, announced that Egypt is set to receive the initial tranche of the International Monetary Fund's (IMF) loan in the upcoming week.
Earlier in March, Egypt signed an agreement with the IMF to raise its current $3 billion deal to $8 billion, Madbouly added.
In February, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that the annual inflation rate in Egyptian cities increased last February to a record 36.0% compared to 31.2% for January 2024.
According to CAPMAS, Egypt's monthly inflation rate was 11.0% for February 2024 compared to 1.7% for January 2024.
