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Sunday, 27 January 2019

Egypt on IMF board’s agenda in coming weeks, Lagarde says

Egypt will be on the IMF board’s agenda in the coming weeks, Lagarde says: The IMF’s Executive Board will discuss its fourth review of Cairo’s economic reform program “in the coming weeks,” IMF Managing Director Christine Lagarde said in a statement on Friday. Lagarde, who lauded Egyptians for their “patience and commitment” to the reforms, said she will recommend that the board approve the recently completed review, a step necessary to release the next USD 2 bn payment under Egypt’s USD 12 bn extended fund facility with the IMF.

Don’t take your foot off the gas pedal, Lagarde warns: The IMF boss called on the Madbouly government to press ahead with “structural reforms that facilitate private sector-led growth and job creation, as well as measures to increase transparency and accountability that help improve governance.” Keep an eye here on the agenda for the IMF board’s upcoming meetings for the exact date of the review.

Fifth tranche coming next month: Egypt expects to receive the next USD 2 bn tranche in February, Finance Minister Mohamed Maait told Youm7. The disbursal — which was delayed amid concerns from the IMF on how Egypt would implement a new fuel pricing strategy — will bring the total Egypt has received to USD 10 bn.

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