Arab Finance: A mission from the International Monetary Fund (IMF) arrived in Cairo for the seventh review of Egypt’s extended fund facility (EFF) program, with the process potentially unlocking around $1.6 billion in new financing, IMF Communications Director Julie Kozack said in a press briefing.

The mission is also conducting the second review under the Resilience and Sustainability Facility (RSF), while holding discussions with authorities to assess the impact of the war in the Middle East on the Egyptian economy. 

Kozack added that the staff will discuss policies needed to achieve the program objectives and support a strong economic path forward that will benefit all Egyptians. 

“In terms of the overall situation in Egypt and the pace of reform, what I can say here is that what we've seen on the economic front is that the impact of the war in the Middle East on Egypt has remained relatively contained,” she highlighted.

The official added: “So, we do expect growth to remain resilient. And of course, this is something that the team will be confirming as part of their mission on the ground.” 

She also addressed the meeting between President Abdel Fattah El-Sisi and IMF Managing Director Kristalina Georgieva, held on the sidelines of the Africa–France Summit held in Kenya, as both discussed the global implications of the war and Egypt’s economic reform program.

In February, the IMF completed the combined fifth and sixth reviews of Egypt’s economic reform program, which unlocked about $2 billion under the EFF and $273 million under the RSF. Following the completion of the reviews, Egypt drew around $2 billion, equivalent to SDR 1,465.44 million, under the EFF, in addition to $273 million, or SDR 200 million, under the RSF.