Egypt: 4th Review of IMF Loan Program to Start Today

The fourth review of Egypt's loan program with the International Monetary Fund (IMF) will start on Tuesday, Egyptian Prime Minister Mostafa Madbouly said on Sunday.

The IMF increased the size of its loan to Egypt to $8 billion from $3 billion in March, as the central bank said it would allow the currency to trade freely, and amid heightened spillover risks from the Israel-Gaza war.

Credit ratings agency Fitch raised Egypt's rating to "B" from "B-" on Friday, citing the country's stronger finances on the back of several foreign investments and support, and tighter monetary conditions.

"Egypt's external finances have been bolstered... FX buffers have recovered, and we have somewhat greater confidence that the more flexible exchange rate policy will prove more durable than in the past," Fitch said, as it also assigned Egypt a stable outlook.