The International Monetary Fund (IMF) has reached an agreement with the Egyptian government on the fifth review of the country’s economic reform program, which comes in line with the three-year extended fund facility (EFF), stated Subir Lall, head of the IMF mission to Egypt.
A team visited Egypt from May 5 to May 16 to conduct the fifth and final review of the program, the IMF said in a statement.
The staff-level agreement will still be pending approval from the IMF executive board, which will make the final $2-billion tranche available, bringing the total disbursements to $12 billion.
Over the last three years, Egypt conducted a successful economic reform program, including a part on fuel subsidies.
“The fuel subsidy reform is nearing successful completion, which will be a significant accomplishment,” Lall said, adding that “this reform has played a critical role in creating space for spending on better targeted social programs that help the most vulnerable.”
