IMF board signs off on seventh review, clearing USD 1.8 bn disbursement

A fresh USD 1.8 bn IMF tranche lands tomorrow statement

The macroeconomic fallout from the regional war has remained “relatively contained

Remittances and hedging offset the energy squeeze:

Fiscal targets reached:

The numbers behind the headline

The budget deficit is narrowing: monthly fiscal report (pdf)

Inflation remains the primary macro hurdle: 14.3% in June 15.2% in March

Assessments continue

Progress in structural reforms, particularly reducing the state’s role in the economy, has been “uneven

More state-asset sales needed:

The Fund is also assessing the implications of Egypt’s newly approved Future of Egypt Authority law

Regional tensions remain the biggest downside risk:

What’s next for the IMF program? finalize its post-IMF economic program by September