Egypt and the International Monetary Fund have yet to agree on a date for the initial review under a $3 billion financial package signed in December, an IMF official said on Thursday, a sign the lender may be growing frustrated by Cairo's lack of reforms.
The IMF in December approved a $3 billion Extended Fund Facility loan for Egypt, which has been under acute financial pressure since long-standing problems were exposed by economic fallout from the war in Ukraine.
"We are in regular dialogue with authorities in order to prepare for the first review... Preparations have started and when we and the authorities are ready we will announce the date," Jihad Azour, director of the IMF's Middle East and Central Asia Department, told a news conference. "Egypt really needs to show some meaningful measures to rebuild confidence and show that the process has started," said Monica Malik of ADCB. "It's better to start the review once there is tangible signs of process with reforms, including on a flexible currency."
Banks and businesspeople continue to complain of a severe foreign currency shortage, and the pound's price on the black market has fallen to about 36.00.
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