The International Monetary Fund (IMF) is considering merging the fifth and sixth reviews of Egypt's $8 billion support programme due to delays in structural reforms, potentially pushing the next disbursement to December, three sources told Reuters. The IMF approved the fourth review in March, unlocking $1.2 billion. However, the fifth review, which began in May, has stalled. So far, Egypt has received $3.5 billion from the 46-month programme launched in March 2024 to address foreign currency shortages and inflation. Progress on financial reforms has been steady, but the IMF is dissatisfied with the pace of structural changes, particularly state asset sales. Egypt failed to reach half of its structural benchmarks in its last two reviews, the first source added. On Sunday, parliament approved a broader VAT, raising taxes on construction, oil, cigarettes, and alcohol—measures expected to pave the way for publishing the delayed staff report from the fourth review. Attribution: Reuters Subediting: M. S. Salama
