The International Monetary Fund (IMF) has decided to merge the fifth and sixth reviews under Egypt’s $8 billion loan program, according to Julie Kozack, Director of the IMF’s Communications Department, who made the announcement during a press briefing on Thursday.

The decision follows reports indicating ongoing discussions about combining the two reviews.

Kozack explained that this merger means a further delay in the review process, which the IMF now expects to conclude by the fall.

 The completion of the review would also pave the way for the disbursement of a $1.3 billion tranche that the Egyptian government had anticipated receiving during July.

She emphasized that more time is needed to make progress on structural reforms, particularly in reducing the state’s role in the economy and strengthening the private sector’s contribution.

Kozack added that Egypt has made headway in its macroeconomic reform program; however, additional steps are required to stimulate growth, ensure its sustainability, implement the State Ownership Policy Document, and move forward with the asset divestment plan.

The value of the combined financing tranche has not yet been determined.

 Kozack noted that it is too early to predict its size, as it will depend on Egypt’s financing needs, which will be assessed during ongoing discussions.

She also pointed out that the first review of the $1.3 billion financing Egypt received under the IMF’s Resilience and Sustainability Facility (RSF)—which supports climate-related efforts—will be conducted concurrently with the sixth review.