Cairo: Egypt’s Finance Minister Ahmed Kouchouk expressed optimism on Wednesday that the country is on track to meet the performance benchmarks outlined under its $8 billion International Monetary Fund (IMF) loan program. Speaking at an event at the London Stock Exchange, Kouchouk noted that both Egypt and the IMF anticipate concluding a combined fifth and sixth review by September or October.
Earlier this month, the IMF announced it would merge the upcoming reviews to allow Egyptian authorities more time to meet key economic reform goals. “The IMF is focused on hitting certain targets and that’s what truly matters,” Kouchouk stated.
A successful review and approval by the IMF’s executive board would trigger the release of the next tranche of funds from the loan.
In line with IMF conditions, Kouchouk also revealed that Egypt plans to complete three to four privatization deals before the current financial year ends. The IMF has pushed for a stronger private sector role in Egypt’s economy, and the government is responding by offering stakes in state-run and military-owned enterprises through its sovereign wealth fund.
“We’ve shared a strategic, medium-term roadmap with international institutions, including the IMF, outlining our timeline and sectoral priorities,” the minister added, signaling Egypt's commitment to its ongoing economic reform agenda.