IMF to begin 5th review of Egypt's economic programme this week
The IMF board approved the fourth review on March 11, unlocking a disbursement of $1.2 billion in a 46-month IMF loan programme first approved in 2022 and later expanded following the outbreak of fighting in Gaza.
Egypt had been suffering from a severe shortage of foreign currency and inflation that peaked at 38% in September 2023.
The IMF has yet to publish a staff report from the fourth review, saying the Egyptian authorities needed more time to consider its publication.
The IMF team is expected to begin its visit on Tuesday and remain in Cairo until May 16, a person familiar with the mission said.
The IMF board in March also approved an additional $1.3 billion in financing under its Resilience and Sustainability Fund.
In the fourth review, the IMF board approved a request by Egypt to waive its primary budget surplus target. The surplus was expected to reach 4% of GDP in the fiscal year that will begin on July 1, 0.5% less than Egypt had committed to earlier in the programme. (Reporting by Patrick Werr, Writing by Menna Alaa El-Din, Editing by Chris Reese and David Gregorio)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
a day ago
- Zawya
Lime Consumer Finance signs MoU with Global Academic Foundation to facilitate seamless tuition payment for students
As part of its ongoing efforts to establish partnerships with top universities in Egypt…Ahmed Mohsen: UH-GAF students can now unlock up to EGP 1 million to finance their future Karim Ghanem: Having Lime as our financial partners is a valuable step towards offering flexible financing solutions for our students Cairo - Lime Consumer Finance, the largest platform for education financing in Egypt, has joined forces with the University of Hertfordshire (UH-GAF) by signing a memorandum of understanding (MoU) to provide students and their families with flexible tuition payment solutions. This step aligns with Lime's mission to remove financial barriers to education and empower families to invest in their children's academic journey through accessible, clear financing. Under this agreement, Lime joins UH-GAF as a trusted specialized partner in education financing—offering a seamless experience through its FRA-approved platform. UH-GAF's students will benefit from convenient, dynamic plans with instant approvals, while UH-GAF strengthens its role in making quality education more comprehensive. By offering innovative payment solutions, UH-GAF reaffirms its commitment to making high-quality British higher education more accessible to a wider segment of Egyptian students. This collaboration strengthens the University's efforts to address the academic, social, and financial dimensions of student life—placing student wellbeing at the core of its strategic vision. In the same context, Mr. Ahmed Mohsen, CEO and Managing Director of Lime, stated 'We are delighted to partner with the University of Hertfordshire (UH-GAF), a forward-thinking institution that shares our vision of making education more accessible. Through Lime's seamless digital platform, UH-GAF students can now apply for specialized education financing and receive approval in minutes—unlocking up to EGP 1 million to finance their future.' He added, 'Backed by a curated marketplace and data-driven tools, Lime empowers families to make informed decisions with clarity, structure, and a strong commitment to knowledge. This collaboration is a key step in creating a more convenient, inclusive, and smarter education journey for all—one that also rewards 10,000 cashback per year when UH-GAF students finance with Lime. Commenting on the partnership, Mr. Karim Ghanem, Vice Chairman Commercial and Operations, stated: 'Having Lime company as one of our trusted partners is a valuable step towards offering more flexible financing solutions for our students. Their adaptable payment plans will make it significantly easier for parents to manage university fees, enabling them to support their children's education with confidence and financial ease.' It is worth noting that Lime currently includes more than 300 educational institutions across Egypt. This partnership marks a significant step toward establishing an integrated model of financial empowerment within the higher education ecosystem. The MoU also lays the foundation for future collaborations with financial partners, further supporting the sustainability and quality of the educational experience. About Lime Consumer Finance: Lime Consumer Finance is Egypt's largest platform specialized in long-term education financing and beyond. While its first entry point is to empower families through flexible, transparent, and FRA-approved financing solutions across the full education journey—from KG to PhD—Lime is also building a foundation for future vertical expansion into other high-impact sectors. The app features a holistic marketplace of top educational institutions, seamless digital onboarding, and data-driven tools to support informed decision-making. With a vision to cater to multiple consumer segments and address financial inclusion through new digital solutions relying on state-of-the-art technology, FAB Group in the UAE established Lime under the FRA. Backed by the strength and expertise of FAB Group and guided by multidisciplinary board members, Lime is committed to delivering structured growth, financial inclusion, and sustainable impact across Egypt's evolving fintech landscape.
Zawya
a day ago
- Zawya
Courtesy visit by Prof. Wautabouna OUATTARA, Executive Director of the West Africa Department of the International Monetary Fund (IMF), to H.E. Dr. Omar Alieu Touray
The President of the ECOWAS Commission, H.E. Dr. Omar Alieu Touray, received Prof. Wautabouna OUATTARA, Executive Director of the International Monetary Fund (IMF) for the West Africa region, in audience on Friday, 8 August 2025. In his welcome address, President Touray welcomed Prof. Ouattara's appointment and reiterated the West African organisation's support for the success of his mandate. He also requested the International Monetary Fund's contribution to the development of a West African regional market and the implementation of programmes that contribute to regional stability and integration. Prof. Ouattara praised ECOWAS' leadership in resolving conflicts in the region and promoting economic integration. He pledged to work more closely with ECOWAS and the 14 countries under his purview to address challenges such as public debt, budget deficits and economic growth. As a reminder, on Friday, November 1st, 2024, the International Monetary Fund (IMF) announced the addition of a 25th seat to its Executive Board, thereby fulfilling the long-standing demands of African countries for better representation of sub-Saharan Africa within the institution. With this reform, the 45 countries of sub-Saharan Africa are now grouped into three constituencies: Central and East Africa, Southern Africa, and West Africa. The constituency headed by Prof. OUATTARA comprises 14 countries, including Sierra Leone, Côte d'Ivoire, Nigeria, Senegal, Liberia, Mali, Gambia, Burkina Faso, Mauritania, Togo, Benin, Guinea-Bissau, Niger and Guinea. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
Zawya
a day ago
- Zawya
Egypt secures $490mln financing for soda ash production project in New Alamein
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of a principles agreement to finance the Egyptian Soda Ash Company's project in New Alamein with about $490 million, as per a statement. As one of the Egyptian Petrochemicals Holding Company's (ECHEM) projects, it aims to produce 600,000 tons of soda ash and its derivatives annually at the industrial zone of New Alamein. The agreement was signed by Shaher Reda, Chairman and Managing Director of the Egyptian Soda Ash Company, and a financing consortium of national and regional lenders. The consortium includes Qatar National Bank (QNB), Commercial International Bank (CIB), Arab African International Bank (AAIB), National Bank of Kuwait, Banque du Caire, the EBank, and Bank NXT. The National Bank of Egypt (NBE) and the African Export-Import Bank (Afreximbank), the project's financial advisor, were also present. Badawi said the project aligns with the state's vision and the ministry's strategy to maximize added value for the national economy by localizing soda ash manufacturing technology. He stressed its role in meeting local demand, reducing imports, and supporting sustainable development in new urban communities. He added that the project will boost the capacity of Egypt's chemical industries, create direct and indirect jobs, and open new export markets. Soda ash is used in various industries, including glass, detergents, paper, food, pharmaceuticals, and chemicals. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
