Arab Finance: The International Monetary Fund's (IMF) Executive Board is scheduled to meet on Thursday, July 30, for the seventh review of Egypt’s economic reform program under the Extended Fund Facility (EFF), according to the fund’s calendar.
The review also covers requests for waivers of applicability of performance criteria and modification of performance criteria, as well as a monetary policy consultation.
The board will also discuss the second review under the Resilience and Sustainability Facility (RSF). Approval of both reviews is expected to unlock $1.6 billion in new financing for Egypt.
In June, the IMF and Egypt reached a staff-level agreement on the seventh review of the EFF and the second review under the RSF.
For his part, IMF Mission Chief for Egypt Amine Mati said the successful completion of the reviews would enable the disbursement of about $1.5 billion under the EFF and $136 million under the RSF.
The IMF recently upgraded its forecast for Egypt's real gross domestic product (GDP) growth in the current fiscal year (FY) 2025/2026 to 4.6%, up 0.4% from its April projections.
