Kozack said the IMF team will discuss the policies and measures needed to achieve the program’s objectives and support a strong, sustainable economic path that benefits all Egyptians.
The International Monetary Fund’s mission has arrived in Cairo to begin the seventh review of Egypt’s Extended Fund Facility program, a review that could unlock around $1.6 billion in new financing, IMF Director of Communications Julie Kozack said during a press briefing.
The visit will also include the second review under the Resilience and Sustainability Facility, alongside discussions with Egyptian authorities to assess the impact of the war in the Middle East on Egypt’s economy.
Kozack said the IMF team will discuss the policies and measures needed to achieve the program’s objectives and support a strong, sustainable economic path that benefits all Egyptians.
She added that the impact of the war in the Middle East on Egypt’s economy remains relatively limited, noting that the IMF expects Egypt’s economy to continue growing at a resilient pace. The mission is expected to further assess these developments during its current meetings in Cairo.
Kozack also referred to the meeting between President Abdel Fattah El-Sisi and IMF Managing Director Kristalina Georgieva on the sidelines of the Africa–France Summit held in Kenya, where both sides discussed the global implications of the war, as well as developments in Egypt’s economic reform program.
In February, the IMF completed the fifth and sixth reviews of Egypt’s economic reform program, allowing the disbursement of around $2 billion under the Extended Fund Facility, in addition to $273 million under the Resilience and Sustainability Facility.
Following the completion of the two reviews, Egypt received $2 billion, equivalent to 1.465 billion Special Drawing Rights, under the Extended Fund Facility, along with $273 million, equivalent to 200 million Special Drawing Rights, under the Resilience and Sustainability Facility.
