The International Monetary Fund (IMF) has reportedly postponed the fourth review of Egypt's economic reform for the loan programme once again till later next month, according to a government official.
The official, who spoke to The New Arab on condition of anonymity for not being authorised to brief the media, added that "the exact date of the review is yet to be declared."
Upon completion of the fourth review, Egypt is expected to receive $1.3 billion as part of the IMF's extended fund facility (EFF).
This is the second time the fourth review has been postponed in 2024, initially set for September and rescheduled for this month, amid speculations about the Egyptian government falling short in meeting the prerequisites stipulated by the global lender.
Neither the Egyptian government nor the IMF have officially confirmed the delay.
On 26 August, the IMF third review report concluded that the revenues derived from Egypt's sources of national income had declined for months due to regional turmoil, which included the Suez Canal due to the tensions in the Red Sea.
Three months earlier, the IMF extended Egypt's loan programme from $3 billion to $8 billion after prolonged negotiations.
The IMF recommended a more aggressive approach to the liberation of the Egyptian economy from state control.
The IMF deal further stipulates that Egypt must gradually lift subsidies on other basic goods, fuel and electricity, and reduce tax exemptions.
Another drastic condition has been the liberation of the local currency against the US dollar, which led the prices of most commodities to skyrocket in the country, mainly dependent on importation rather than local production.
Earlier this year, the government raised the price of subsidised bread by 400 per cent, the first increase since 1988, and fuel by 15 per cent.
Such controversial economic measures, taken gradually over the past months, have further ignited a general state of discontent among the public in the country where almost one-third of about 106 million population is under the poverty line.