Egypt Daily News – Prime Minister Mostafa Madbouly announced that the International Monetary Fund (IMF) has requested to delay its assessment of the next tranche of Egypt’s $8 billion loan until after the IMF’s annual meetings.
Julie Kozak, an IMF spokesperson, had indicated that the fourth review was anticipated to be completed in November.
In March, Egypt entered into a financial support agreement totaling $8 billion with the IMF, aimed at stabilizing monetary policy amid rising inflation.
However, this deal necessitated an increase in the prices of many local products. To address a significant budget deficit of 505 billion Egyptian pounds (approximately $10.3 billion) for the fiscal year ending June 30, the government has increased the prices of several subsidized goods and previously devalued the Egyptian pound.
After the third review in late June, Egypt had received an installment of $820 million from the IMF.
