CAIRO: Officials of the International Monetary Fund (IMF) said on Thursday that preparations for the 1st review of Egypt’s economic reform program with the IMF have begun and dates for the review mission will be announced after holding consultations with the authorities.
The world’s financial body approved a $3 billion Extended Fund Facility loan for Egypt in December, which has been under severe financial pressure since long-standing issues were exposed by the economic consequence of the crisis in Ukraine.
IMF-Egypt
Among the major commitments that Cairo made to secure the loan were a permanent move to a flexible exchange rate management and wide-ranging structural reforms to decrease the state’s footmark in the economy.
Egypt’s currency has lost about 50 percent of its value over the last year after three shrill devaluations. In the last two weeks, it has traded in a thin band between 30.75 and 30.95 pounds to the US dollar, Eikon data reported.
Experts say the pound has come under new pressure moderately because of delays in expected sales of state assets.
