Egyptian authorities will determine the date of future fuel-subsidy cuts, according to the Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), Jihad Azour, Al Mal Newspaper reports.
The IMF is currently discussing the issue with Egyptian policy makers, Azour said. He noted that Egypt’s economic reforms have improved the country’s monetary situation and increased foreign investment in the country.
Egypt is the recipient of a $12 billion loan program from the IMF and, under the terms of the loan agreement, must implement a series of economic reforms.
“The program, due to wrap up in 2019, aims at improving a number of indicators and bolstering the private sector, tourism, as well as replenishing the foreign currency resources,” Azour said during a press conference.
In September, the IMF noted that Egypt needed to make further subsidy cuts during its first review of Egypt’s actions under the agreement.
A delegation from the International Monetary Fund (IMF) is set to visit Egypt from October 25th to November 7th to assess Egypt’s economic reform program as part of the second IMF review. The IMF expects to release the final tranche of the loan, about $2 billion, after the completion of the second review later this year.