We have not yet agreed with Egypt on when to start the program review

An International Monetary Fund official said today, Thursday, that Egypt and the International Monetary Fund have not yet agreed on a date for the initial review under a $3 billion financial package signed in December.

In December, the IMF approved a $3 billion Extended Fund Facility loan for Egypt, which has been under severe financial stress since the war in Ukraine, whose fallout exposed long-standing problems.

The disbursement of the package within the framework of the 46-month program is subject to eight reviews, the first of which was March 15, 2023, according to what was stated in the fund’s experts report published in December.

“We are in regular dialogue with the authorities in order to prepare for the initial review, and preparations have begun for it, and when we and the authorities are ready, we will announce its date,” said Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund.

Jihad Azour indicated that the growth of the GDP of the Middle East and North Africa will slow to 3.1% in 2023.

He added that growth in oil-exporting countries in the region would slow to 3.1% in 2023 from 5.7% in 2022.