Egyptian economy performs well, IMF mission

The International Monetary Fund’s (IMF) mission in Egypt expressed Wednesday positive views on the Egyptian economy performance, a step promises the approval of the fourth sum of the IMF’s Extended Fund Facility arrangement (about US$ 2 billion), the final approval is bound to IMF’s executive board view nevertheless.

An IMF team led by Mr. Subir Lall visited Egypt on October 18-31, 2018 to conduct the fourth review of Egypt’s economic reform program supported by a three-year Extended Fund Facility (see Press Release No. 16/501). At the end of the visit Mr. Lall issued the following statement:

“The IMF staff team and the Egyptian authorities have reached a staff-level agreement on the fourth review of Egypt’s economic reform program, which is supported by the IMF’s SDR 8.597 billion (about $12 billion) Extended Fund Facility arrangement. The staff-level agreement is subject to approval by the IMF’s Executive Board. Completion of this review would make available SDR 1,432.76 million (about US$2 billion), bringing total disbursements under the program to about US$10 billion.