Minister: Egypt’s new IMF review will be in May

EGYPT (OBSERVATORY) – Egypt’s next review of Egypt’s economic reform program will be in May, Egyptian Finance Minister Amr al-Jarhi told a news conference on Thursday.

Egypt agreed with the IMF in November 2016 on a $ 12 billion three-year loan program linked to broad reforms, including spending cuts and tax increases.

Egypt expects to get the fourth tranche of the International Monetary Fund’s $ 2 billion loan in June or July. With the fourth tranche, the total amount received by Egypt from the fund will reach $ 8 billion.

The Egyptian government has been implementing an economic reform program since the end of 2015, including the introduction of value added tax (VAT), exchange rate liberalization, and cuts in subsidies for electricity and petroleum products in order to revive the economy and return it to growth and reduce imports of non-essential goods.