IMF, Egypt Reach Agreement on Egypt’s EFF Fifth Review

IMF, Egypt Reach Agreement on Egypt’s EFF Fifth Review

The International Monetary Fund (IMF) has reached an agreement with the Egyptian government on the fifth review of the country’s economic reform program, which comes in line with the three-year extended fund facility (EFF), stated Subir Lall, head of the IMF mission to Egypt.

A team visited Egypt from May 5 to May 16 to conduct the fifth and final review of the program, the IMF said in a statement.

The staff-level agreement will still be pending approval from the IMF executive board, which will make the final $2-billion tranche available, bringing the total disbursements to $12 billion.

Over the last three years, Egypt conducted a successful economic reform program, including a part on fuel subsidies.

“The fuel subsidy reform is nearing successful completion, which will be a significant accomplishment,” Lall said, adding that “this reform has played a critical role in creating space for spending on better targeted social programs that help the most vulnerable.”

Sarah Samir 2705 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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