Bloomberg: IMF Mission to Visit Egypt This Week to Begin Fifth Review of Economic Reform Program
The International Monetary Fund (IMF) will begin the fifth review of Egypt's economic reform program this week, according to a government official who spoke to "Asharq."
The fifth review is part of the program agreed upon with the IMF, after the Fund approved the disbursement of the fourth loan tranche of $1.2 billion in early April, following the approval of the fourth review results by the IMF Executive Board.
Recently, the IMF raised its GDP growth forecast for Egypt by 0.2 percentage points for both the current and next year, while it lowered its growth projections for the Middle East and North Africa region as a whole for the same periods.
Egypt's economy grew at its fastest quarterly pace in over two years during the second quarter of the current fiscal year, at 4.3%, driven by the manufacturing and tourism sectors, despite the continued decline in Suez Canal revenues due to tensions in the Red Sea.
