Speaking on the sidelines of the AlUla Emerging Markets Economies Conference, which commenced in AlUla, Saudi Arabia, Georgieva highlighted that the progress made by the Egyptian government in implementing the IMF-mandated reforms is strengthening the country’s financial position.
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), affirmed that the fund will continue to support Egypt’s economy in parallel with the implementation of economic reforms.
Speaking on the sidelines of the AlUla Emerging Markets Economies Conference, which commenced in AlUla, Saudi Arabia, Georgieva highlighted that the progress made by the Egyptian government in implementing the IMF-mandated reforms is strengthening the country’s financial position.
She emphasized that supporting Egypt’s economy remains a priority for the IMF, reaffirming that the fund's main concern is the country's overall economic condition, while political matters remain outside its scope.
Georgieva also revealed that the IMF team responsible for Egypt will present its latest review of the country's economic restructuring and financing program to the IMF's Executive Board. The board will then discuss the report and make an appropriate decision.
She noted that the reviews and coordination with the Egyptian government are proceeding according to the established timeline.
The IMF Executive Board is scheduled to meet later this month to conduct the fourth review of Egypt's loan program, valued at $1.2 billion, as well as the Resilience and Sustainability Facility financing, which is expected to disburse approximately $1.3 billion in installments.
Additionally, the board will discuss the outcomes of Egypt’s Article IV Consultation, which has been completed, along with the fourth review of the Extended Fund Facility, which will determine the disbursement of the fourth installment worth $1.2 billion.
