{"id":620709,"date":"2024-05-26T00:00:00","date_gmt":"2024-05-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/whats-on-the-imfs-agenda-as-it-conducts-the-third-review-of-our-loan-program\/"},"modified":"2024-05-26T00:00:00","modified_gmt":"2024-05-26T00:00:00","slug":"whats-on-the-imfs-agenda-as-it-conducts-the-third-review-of-our-loan-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/whats-on-the-imfs-agenda-as-it-conducts-the-third-review-of-our-loan-program\/","title":{"rendered":"What\u2019s on the IMF\u2019s agenda as it conducts the third review of our loan program?"},"content":{"rendered":"

A look at the IMF\u2019s playbook for the third loan review: <\/strong>The International Monetary Fund is currently conducting the third review of our expanded USD 8 bn loan program, two high-level government sources told Enterprise, confirming reports<\/a> that an IMF delegation is currently in town for the review. The discussions are centered around the use of Ras El Hekma\u2019s sale proceeds and the implementation of the state ownership policy, the sources said.<\/p>\n

Remember:<\/strong> The review \u2014 which is expected to be completed around 15 June<\/a> \u2014 will unlock the third USD 820 mn tranche of our loan program. We unlocked the second tranche in April, nearly a month after the IMF\u2019s Executive Board signed off on a USD 5 bn extension<\/a> for the facility and the immediate dispersal of our first tranche.<\/p>\n

THE BREAKDOWN- <\/strong><\/p>\n

#1- Ras El Hekma funds:<\/strong> The IMF delegation is looking into how the government\u2019s use of the Ras El Hekma sale<\/a> proceeds aligns with the state\u2019s new spending goals and fiscal targets<\/a> \u2014 including reducing public debt, capping government investments, and narrowing the budget deficit. <\/p>\n

We\u2019re on the right track: <\/strong>Some USD 11 bn of Egypt\u2019s external debt is expected<\/a> to be written off using funds from the Ras El Hekma sale.<\/p>\n

#2- State ownership policy:<\/strong> The Fund will also review the steps taken by the government to advance its ownership policy, taking stock of offers received and progress made in the privatization of state assets. It\u2019s also reviewing the growth of foreign direct investment and measures taken by the government to improve the investment environment, our sources said.<\/p>\n

The latest on privatization:<\/strong> Planning Minister Hala El Said said<\/a> last week that state-owned fuel retailer Wataniya has received seven international and local acquisition offers, while the US government\u2019s US International Development Finance Corporation<\/a> was reported to be considering financing<\/a> UK-based private equity giant Actis\u2019 planned acquisition of the Gabal El Zeit wind farm.<\/p>\n

Things are looking up:<\/strong> The Fund sees improved economic indicators, strengthened cash flows, and positive steps by the government towards implementing the privatization program, the sources said <\/p>\n

Even more funds incoming? <\/strong>Negotiations are underway<\/a> for Egypt to access USD 1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility. <\/p>\n","protected":false},"excerpt":{"rendered":"

The IMF sees improved economic indicators and strengthened cash flows<\/p>\n","protected":false},"author":1,"featured_media":620710,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[7106,104,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-debt","tag-economy","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"9b17e293-a772-4a92-9867-7922854b9a74","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1982.jpg","photo_position":"above","homepage_title":"","full_issue_title":"What\u2019s on the IMF\u2019s checklist as it conducts the third review of Egypt\u2019s loan program?","related_issue":[620704],"teaser":"The IMF sees improved economic indicators and strengthened cash flows","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.0f9e7e6f-fa93-4dbe-a6cb-44b2efaeafdd.mp3"},"yoast_head":"\nWhat\u2019s on the IMF\u2019s agenda as it conducts the third review of our loan program? 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