IMF official says Egypt's next review at end-June 2024

The next review of Egypt's IMF loan programme should be completed by the end of June, when authorities will be able to draw on a further $820 million, an IMF official said on Monday, after an expanded loan programme was agreed last month.

Further reviews will be completed every six months, and those will each unlock disbursements of $1.3 billion, mission chief Ivanna Vladkova Hollar said in a news conference.

An initial payment of $820 million would be received this week, after the completion of delayed reviews last month, Egypt's prime minister said on Friday.

A additional loan from the IMF's Resilience and Sustainability Facility would be discussed during the next review, Vladkova Hollar said. The final review of the loan programme would be in the final months of 2026, she added.

Egypt's inflation forecast is expected to remain high in the near term, with average inflation for the next fiscal year forecast at 25.5%, she said.

The country, whose budget has been stretched in recent years, needs to replace untargeted fuel subsidies with targeted social spending, she said.