An International Monetary Fund (IMF) delegation will visit Egypt in May 2018 to conduct the periodic review of the country’s economic reform program, Amwal Al Ghad reported.

The review will assess the implementation of reforms necessary to unlock the third tranche of the $12 billion IMF loan, worth $2 billion.

The Egyptian economy continues to perform strongly as the economic reforms start to increase confidence and stabilise macroeconomic indicators.

In January, the IMF’s report on Egypt recommended eliminating most of the fuel subsidies, Egypt Oil & Gas reported.

The fund said that gas subsidies mainly benefit the rich, and advised the Egyptian government to allow fuel prices to change in line with costs.

Doing this “would protect the budget from movements in global oil prices and the exchange rate, and safeguard priority spending on social programs and necessary infrastructure,” the IMF stated.