The International Monetary Fund (IMF) approved the release of $820 million to Egypt Monday following a review of Egypt's economic performance, Reuters reports. In its review, the Fund acknowledged progress in achieving macroeconomic stability but urged further reforms of state owned enterprises.
The review is the third under Egypt’s $8 billion loan programme from the IMF, designed to help the country out of an economic crisis marked by high inflation and severe foreign currency shortages.
In a statement, the IMF took particular aim at Egypt’s state-owned enterprises, a sector often criticized for inefficiency and market distortions. The IMF is pressing Egypt to accelerate privatization efforts and implement measures to enhance competition. Additionally, the Fund is urging the government to address energy sector challenges by gradually increasing fuel prices to market levels and reducing subsidies. This, the IMF argues, will help to balance the energy sector and attract private investment.
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