A delegation from the International Monetary Fund (IMF) arrived in Egypt on May 4 to conduct the third review of Egypt’s economic reform program, Al-Ahram reported.
Successfully passing the review will result in the disbursement of the fourth tranche of the $12 billion IMF loan, worth $2 billion.
David Lipton, the IMF’s deputy managing director, and former Egyptian prime minister Hazem El Beblawi are among the IMF delegates reviewing the progress of Egypt’s reform program.
Lipton reiterated the need for the government to push ahead with subsidy reform in a statement on Saturday 5 May, according to Bloomberg.
Egypt plans to completely lift energy subsidies by mid-2019 as part of the government’s economic program.
Egypt agreed terms with the IMF on the three-year loan program in November 2016.