Egypt’s brinkmanship when it comes to relinquishing its grip on state-owned entities has finally drawn the ire of the IMF. Frustrated by Cairo’s lack of progress on the matter and failed promises to extend its extensive IPO program beyond relatively minor-entities, the IMF has decided to withhold the next $1.3bn tranche of an $8bn loan deal agreed in March 2024 (MEES, 8 March 2024).
Cairo had been expecting to receive the fifth tranche this month, following the completion of the fifth review of the country’s finances but the IMF will now combine the fifth and sixth reviews, and assess how much will be disbursed next. (CONTINUED - 910 WORDS)
