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Madbouly’s latest presser centered around Egypt’s IMF loan program: Prime Minister Moustafa Madbouly’s weekly presser provided fresh details on the possible review of Egypt’s loan program with the International Monetary Fund, building on comments made by President Abdel Fattah El Sisi earlier this week.
The reform timeline is being reviewed: Madbouly confirmed that the government is currently reviewing the timeline and reforms put forward by the Fund, pointing to the direct impact that the war on Gaza and the subsequent decline in Suez Canal revenues has had on state revenues as justification for the review.
ICYMI: Earlier this week El Sisi made headlines after stating that Egypt might reevaluate its agreement with the IMF in light of economic pressures the nation is enduring as the country carries out reforms as part of the loan agreement. The government soon thereafter reportedly asked the IMF for an extension on the timeline for the reforms’ implementation.
The fourth review is set to take place soon: The IMF will conduct its fourth review of our USD 8 bn loan program after its annual meetings wrap up on Saturday, Madbouly said, without providing a more specific date. The review will allow for adjustments that are in line with Egypt’s interests, especially regarding economic growth targets and minimizing the impact of reform on citizens, he added.
Remember: A government source told EnterpriseAM earlier this month that the Fund is likely to conduct the fourth review of our program in November, with the source saying that the government wanted to delay the review in order to finalize investment agreements and incentives so that they could be taken into account for the review. The review will unlock USD 1.3 bn in funds — the biggest of the four tranches to date.
The Fund thinks we’re on the right track: Madbouly emphasized that the IMF has praised Egypt’s monetary policy in recent statements, saying that this shows that it sees Egypt as being on the right path.
