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Egypt Reaches Preliminary Agreement with IMF to Merge Fifth, Sixth Reviews amid Cautious Privatization Timeline

Taarek Refaat Egyptian Prime Minister Mostafa Madbouly announced on Wednesday that the government has reached a preliminary agreement with the International Monetary Fund (IMF) to merge the program's fifth and sixth reviews, allowing more time for strategic state asset sales without compromising value. Speaking at a press briefing, Madbouly emphasized that while Egypt has met all IMF targets under the Extended Fund Facility (EFF) — including currency flexibility, reserves accumulation, and fiscal discipline — the only exception has been the pace of privatization. 'It was expected that we would achieve a certain volume of asset offerings by a specific date,' Madbouly stated. 'However, we as a government concluded that it was not appropriate to proceed with selling state-owned assets in a market environment that does not ensure fair value. We're not just meeting targets for the sake of it.' Privatization on Hold Until Market Conditions Improve The Prime Minister clarified that the delay in public asset sales was a deliberate and economically justified decision, noting that the goal is to maximize value for state-owned enterprises, not just meet numerical targets tied to the IMF program. As part of the agreement with the IMF, the fifth and sixth program reviews will now be consolidated and postponed until the final quarter of 2025, giving Egypt more time to prepare for favorable market conditions. Reform Momentum Maintained Despite the adjusted timeline for privatizations, Madbouly affirmed that Egypt remains fully committed to structural reforms under the IMF program. He highlighted the government's progress on multiple fronts, including: Maintaining a flexible exchange rate regime Meeting foreign reserve targets Reducing public spending and slowing state-led investments Expanding the private sector's share in total investment 'Across all macroeconomic indicators, Egypt is progressing successfully,' he added. IMF Agreement and Structural Reforms Egypt is currently under a $3 billion IMF Extended Fund Facility arrangement, agreed in December 2022, which includes commitments to fiscal consolidation, subsidy reform, and boosting private sector participation in the economy. Privatization is a key pillar of the reform package, aimed at generating revenue and reducing the state's footprint in commercial sectors. The recent fire at the Ramses Central Telecom hub and the resulting disruptions to digital infrastructure had no reported impact on IMF-related timelines, though they have added to the government's broader narrative on the importance of economic resilience and strategic patience. IMF read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean