IMF allegedly to delay upcoming loan review again, might mean EGP devaluation

The International Monetary Fund (IMF) will allegedly delay the highly-anticipated first review of its $3 billion loan to Egypt once more, pushing it to an unknown date, according to an unnamed government official cited by Asharq Business.

This is not the first time the IMF has delayed the review, which was originally slated for March 15, 2023. The source added that, while a new date hasn’t been scheduled, the review will be taking place sometime this year.

The source stated that the delay could indicate another devaluation of the EGP before the end of 2023.