The International Monetary Fund (IMF)’s executive board will meet in few weeks in order to discuss the fourth review of Egypt’s IMF loan facility, said Christine Lagarde, IMF Managing Director. Lagarde stated that she will recommend the board to approve the review, Egypt Oil & Gas reports.
“The IMF staff team has now finalized the details required to present the fourth review for Egypt’s Extended Fund Facility arrangement to the IMF’s Executive Board,” Lagarde stated.
Lagarde praised the Egyptians’ patience and commitment to the economic reform program. “This will pave the way for higher and more inclusive growth for the long term, and I reiterate that the Fund stands ready to help achieve a more prosperous future for Egypt,” Lagarde noted.
The fourth economic review aids the disbursement of the $2 billion fifth tranche of the $12 billion IMF loan to Egypt. Egypt has so far received $8 billion of the three-year $12 billion loan backed by the IMF’s Extended Fund facility. Executive approval of the latest review will take total disbursements of around $10 billion.