(Bloomberg) -- The International Monetary Fund is waiting to see Egypt enact more of the wide-ranging reforms it pledged before carrying out the first review of a $3 billion rescue program, according to people familiar with the matter. The IMF approved a 46-month program for the North African country in December, later signaling the review would likely be completed in March. The IMF’s managing director, Kristalina Georgieva, said on the same day that the fund was preparing to carry out the review, without giving a time-line. According to the IMF program, Egypt is expected to raise $2 billion from the sale of state-owned stakes during the current fiscal year that ends in June. Egyptian authorities say they’re shifting to a flexible exchange rate, and the pound has been devalued three times since March 2022.

Source: The North Africa Journal April 15, 2023 22:05 UTC