The International Monetary Fund (IMF) is not expected to conduct the first review of the $3 billion bailout program for Egypt this September, as was previously planned, an unnamed government official told Asharq Business on September 4th.

The source added that no specific date has been set for the review yet, but it will take place this year.

This indicates a possible EGP devaluation before the end of this year, according to the source.

In April, Bloomberg reported that the IMF was waiting for Egypt to implement more of the “wide-ranging reforms” it vowed prior to conducting the first review of the loan.

In December 2022, the executive board of the IMF approved a 46-month arrangement worth about $3 billion under the EFF to Egypt.

 

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