Into IMF’s 1st, 2nd reviews of extended fund facility arrangement for Egypt – Egypt Today

Into IMF’s 1st, 2nd reviews of extended fund facility arrangement for Egypt – Egypt Today

CAIRO - 27 April 2024: The International Monetary Fund (IMF) has released its experts' report on Egypt's financing program, shedding light on the country's economic policies and financial commitments.

 

The completion of the third review of the financing program is expected by June 15, 2024, or later, with the fourth review by September 15, 2024, or later. Egypt has committed to providing the IMF with accurate and timely data necessary for program monitoring reviews, as well as any information materially affecting economic conditions and program objectives.

 

According to the IMF, Egypt has fulfilled 7 out of 15 conditions required to complete the two reviews.

 

Government IPO Program

 

The review noted that government IPO deals have generated net revenues of $2.4 billion, in addition to $2.2 billion in foreign inflows in the fiscal year 2023/2024 up to the report's date. It is expected that several other deals, in which significant progress has been made, will be closed during the remaining period of the fiscal year, bringing in at least another $600 million in foreign inflows.

 

The IMF pointed out that Egypt is close to completing the Jebel Zeit and Zafarana deals, expected to be finalized during the fiscal year. The Jebel Zeit deal's value could reach