A combined fifth and sixth review of Egypt’s USD 8 bn IMF loan program is expected to conclude in September or October, unlocking a USD 2.5 bn tranche, Finance Minister Ahmed Kouchouk said during his visit to London last week. “Both sides are working on the expectation that this should be happening in September, October,” he said, adding that “the IMF is after certain targets — and that's what is important.”

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The IMF is expected to focus heavily on the government’s state asset sales strategy, with authorities now targeting “few, but key strategic transactions,” he said. The Madbouly government wants to conclude up to four sales this fiscal year in the telecom, airport management, and financial services sectors, Kouchouk said, adding that another four sales are expected the following year.

ICYMI- Earlier this month, the IMF decided to combine the fifth and sixth reviews, stating that “more time is needed” to make progress on the state withdrawing itself from the economy and the broader reform agenda. According to the IMF’s country staff report for the fourth review of our loan program, the combined reviews are scheduled for 15 September.

Some fresh privatization moves? The government aims to complete three to four privatization transactions during the current fiscal year, Kouchouk said. “It will be across a lot of sectors,” he added, noting that Egypt has shared a strategic, medium-term plan with the IMF and other international partners that includes a “clear, visible timeline.” The IMF said in its report that Egypt expects to receive USD 3 bn in inflows from asset sales during the current fiscal year, up from USD 600 mn last fiscal year, and USD 2.1 bn the year after.

And brace for more investment: Kouchouk pointed to continued interest from Middle Eastern and European partners across several sectors. “We are expecting more and more big announcements on the energy, on the renewables, on the tourism, as well as on the real estate and the financial sector,” he said. The IMF is also banking on FDI to help close Egypt’s FY 2025-26 external financing gap, projecting net FDI inflows to reach USD 15.6 bn this fiscal year, up from an estimated USD 13.2 bn in FY 2024-25.

Fiscal + debt strategy also in the spotlight: Speaking at a panel in London, during his participation in a three-day business mission to the UK — organized by the British Egyptian Business Association — Kouchouk said the government is implementing an “integrated strategy to improve public debt indicators and maintain investor confidence.” He emphasized plans to diversify financing tools and markets tapped, extend debt maturities, and reduce reliance on short-term instruments.

Balancing the books while supporting growth: Kouchouk added that the government is managing public finances “with balance,” maintaining fiscal sustainability while supporting economic activity and upping investments in human development and social safety nets. Fiscal performance, he said, “significantly improved” last year, enhancing Egypt’s resilience to global and regional shocks.

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