The IMF delegation conducting a second review of the Sisi administration’s economic reform program arrived in Cairo on Wednesday.
The delegation, which will be here until 7 November, will begin its visit by meeting with a technical team from the Finance Ministry and the Central Bank of Egypt, followed by the Cabinet economic group and officials handling trade and industry, investment, petroleum, and social welfare issues.
The visit aims to unlock the next tranche of the IMF’s USD 12 bn extended fund facility for Egypt.
Finance Minister Amr El Garhy and CBE Governor Tarek Amer met earlier this month with IMF Chief Christine Lagarde, who praised Egypt’s reforms.
El Garhy had previously said the government has completed 80% its work on the reform program.
The IMF on September 26 published the staff report for the first review of Egypt’s economic reform program, which aims at restoring the economic stability of Egypt and paving the way for higher long-term growth.
The program is off to a good start, with the government carrying out bold but necessary reforms while protecting the poor.
The IMF Executive Board approval of the government’s program led to a disbursement of $1.25 billion of the $12 billion support under the IMF’s Extended Fund Facility.
The Egyptian authorities have embarked on an ambitious reform program and have taken decisive measures aimed at restoring macroeconomic stability and sustainable public finances.
Egypt launched a reform program when its economy faced rising imbalances that led to high public debt, a widening current account deficit, and declining official reserves.
To support the home-grown reforms, the government embarked in November 2016 on an IMF-supported program to restore the stability of its finances, promote growth and employment, while shielding the poor from the adverse effects of the changes.