During a press conference, Julie Kozack, Head of Communications at the International Monetary Fund (IMF), stated that “Egypt’s new economic narrative announced this week could contribute to advancing the four remaining reviews under the $8 billion Extended Fund Facility, in addition to the new $1.3 billion Resilience and Sustainability Program.”
She explained that “macroeconomic stability allows Egypt the opportunity to proceed with reforms that reduce vulnerabilities and enhance private sector participation,” according to Egypt’s Ahram Online.
Kozack confirmed that “the fifth and sixth reviews of the Extended Fund Facility will be combined and completed this fall, with a mission expected to visit Cairo in the coming months. This joint review will determine the subsequent disbursements of the program.”
Julie Kozack also noted that “the first review of the Resilience and Sustainability Program will be conducted concurrently with the sixth review of the Extended Fund Facility, and disbursements will only be made after meeting the reform requirements. Two essential actions will be assessed, with a total value of approximately $274 million.”
This week, Egypt introduced a new “economic narrative” up to 2030, focusing on five main tradable sectors as part of its plan to enhance development.
