IMF Reports Progress on Egypt Loan Program

The International Monetary Fund (IMF) has reported substantial progress in discussions with Egyptian authorities regarding the fourth review of an $8 billion loan program. While discussions are ongoing to finalize the remaining policies and reforms, Egypt's Prime Minister Mostafa Madbouly has requested a review of the program's targets due to regional challenges and economic strains on the population. The IMF acknowledged the difficulties faced by Egypt, including the impact of the Gaza conflict and trade disruptions, which have severely affected revenue. Despite these challenges, IMF Managing Director Kristalina Georgieva emphasized the importance of continuing reforms, stating that delays ultimately affect the populace. The completion of the review is crucial for unlocking $1.2 billion in additional funding, with further discussions expected in the coming days. Overall, the dialogue underscores a collaborative effort towards achieving financial stability in Egypt.