{"id":636328,"date":"2024-07-30T00:00:00","date_gmt":"2024-07-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/imf-completes-third-review-of-our-loan-program-enabling-the-disbursal-of-usd-820-mn\/"},"modified":"2024-07-30T00:00:00","modified_gmt":"2024-07-30T00:00:00","slug":"imf-completes-third-review-of-our-loan-program-enabling-the-disbursal-of-usd-820-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/30\/imf-completes-third-review-of-our-loan-program-enabling-the-disbursal-of-usd-820-mn\/","title":{"rendered":"IMF completes third review of our loan program, enabling the disbursal of USD 820 mn"},"content":{"rendered":"

Third review complete:<\/strong> The IMF Executive Board has completed the third review of our USD 8 bn loan program, enabling the Madbouly government to \u201cimmediately draw\u201d the USD 820 mn third tranche, the multilateral lender said<\/a> during the early hours of today. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Egypt and the IMF reached a <\/strong>staff-level agreement<\/a><\/strong> on the third review early last month <\/strong>and we have been waiting for the Fund\u2019s executive board to sign off on it since. The board was originally scheduled to discuss the third review on 10 July but the discussion was pushed back to \u201cfinalize some details\u201d and it is thought that the it was pushed back for the board to see how the newly sworn-in government would approach trimming fuel subsidies<\/a> \u2014 the government raised fuel prices<\/a> for the second time this year on Thursday. <\/p>\n

We\u2019re on the right track: <\/strong>\u201cInflationary pressures are gradually abating, foreign exchange shortages have been eliminated, and fiscal targets were met\u201d since the board approved the combined first and second reviews of the program in March, the statement read. <\/p>\n

But there\u2019s still one key area that needs to be targeted: <\/strong>While there has been considerable progress on key structural reforms, \u201cgreater efforts are needed to implement the State Ownership Policy,\u201d the Fund said. This includes accelerating the state\u2019s privatization program, as well as \u201cpursuing reforms to streamline business regulations to set up new firms, expediting trade facilitation practices, and creating a \u201clevel playing field\u201d that avoids unfair competitive practices by state-owned companies.\u201d Such steps will put Egypt on the track towards private-sector-led growth. <\/p>\n

Remember:<\/strong> The IMF in February seemed to calm its tone<\/a> on the urgency of Egypt\u2019s need to progress its sales of state-owned assets prior to its announcement of our expanded USD 8 bn loan program, representing a shift from the IMF's earlier position on Egypt's need to pick up the pace of privatizing state-owned companies. The government proceeded to slash its 2024 privatization program targets in April<\/a>, with plans to raise around USD 1 bn through the privatization of state-owned companies and assets this year \u2014 a significant drop from previous estimates of USD 6.5 bn.<\/p>\n

No slowing down on cutting fuel subsidies: <\/strong>The IMF expects Egypt to restore energy prices back to their \u201ccost recovery levels\u201d by December 2025, which it says will be essential in \u201csupporting the smooth provision of energy to the population and reducing imbalances in the sector.\u201d <\/p>\n

Already part of the plan: <\/strong>Prime Minister Moustafa Madbouly had previously said<\/a> that we could see more fuel price hikes as the state looks to \u201crestore balance\u201d between cost of production and end price by the end of 2025.<\/p>\n

The prescription: <\/strong>Implementing the structural reform agenda \u2014 one that boosts tax revenues and better manages debt \u2014 is \u201ckey to achieving more inclusive and sustainable growth.\u201d And to boost private investment, the state should focus on \u201cenhancing the governance of state-owned banks, advancing the state-ownership policy, increasing fiscal transparency, and leveling the economic playing field.\u201d<\/p>\n

Regional unrest necessitates the continued implementation of program commitments:<\/strong> Implementing the \u201cappropriate macroeconomic policies, including a flexible exchange rate regime, would help ensure economic stability\u201d despite regional conflicts And advancing with the structural reform program will improve growth prospects.<\/p>\n

When will the next tranches be disbursed?<\/strong> Egypt is set to have access to five tranches of<\/a>around USD 1.2 bn each<\/a> if it passes reviews in September 2024, March 2025, September 2025, March 2026, and September 2026, according to the original schedule of reviews the IMF had shared back in April. It remains unclear if the September 2024 review is still happening according to schedule. <\/p>\n

Even more funds to come: <\/strong>Negotiations are underway<\/a> for Egypt to access an additional; USD 1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility. The completion of the third review allows Egypt to apply for the additional climate financing from the Fund.<\/p>\n

The news received coverage from <\/strong>Reuters<\/a> and Bloomberg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt and the IMF reached a staff-level agreement on the third review early last 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Red Sea could pose a threat to the country\u2019s economic outlook","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/671.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633353,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/14\/the-postponement-of-the-imfs-third-loan-review-is-not-unusual-says-the-funds-comms-director\/","url_meta":{"origin":636328,"position":1},"title":"The postponement of the IMF\u2019s third loan review is \u201cnot unusual,\u201d says the Fund\u2019s comms director","author":"enterpriseam admin","date":"14 July 2024","format":false,"excerpt":"The IMF is \u201cquite confident on the path forward for Egypt\u201d","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/947.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618054,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/02\/we-could-receive-the-second-tranche-of-our-imf-loan-in-june\/","url_meta":{"origin":636328,"position":2},"title":"We could receive the second tranche of our IMF loan in June","author":"enterpriseam admin","date":"2 April 2024","format":false,"excerpt":"Egypt is in line to receive the second USD 820 mn tranche under the IMF\u2019s USD 8 bn loan program this summer","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/572.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636293,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/imf-meets-to-discuss-greenlighting-third-review-of-our-usd-8-bn-loan-program\/","url_meta":{"origin":636328,"position":3},"title":"IMF meets to discuss greenlighting third review of our USD 8 bn loan program","author":"enterpriseam admin","date":"29 July 2024","format":false,"excerpt":"Good afternoon, folks. As we settle into the workweek, the local business and economic news cycle shows few signs of slowing down.THE BIG STORY TODAY The Fund is expected to hopefully greenlight another USD 820 mn tranche later today: We\u2019re waiting on updates this afternoon on the IMF Executive Board\u2019s\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/94.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620709,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/whats-on-the-imfs-agenda-as-it-conducts-the-third-review-of-our-loan-program\/","url_meta":{"origin":636328,"position":4},"title":"What\u2019s on the IMF\u2019s agenda as it conducts the third review of our loan program?","author":"enterpriseam admin","date":"26 May 2024","format":false,"excerpt":"The IMF sees improved economic indicators and strengthened cash flows","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1982.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619153,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/egypt-could-receive-another-usd-820-mn-tranche-in-june\/","url_meta":{"origin":636328,"position":5},"title":"Egypt could receive another USD 820 mn tranche in June","author":"enterpriseam admin","date":"28 April 2024","format":false,"excerpt":"The country has met 7 out of 15 structural reform targets set by the fund","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1881.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/636328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=636328"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/636328\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/636323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/636329"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=636328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=636328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=636328"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=636328"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=636328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}