Egypt’s reforms under its 46-month International Monetary Fund bailout loan program have been “halfhearted at best,” but it is in both parties’ interests that this week’s review by the Washington-based lender goes smoothly, experts say.

The IMF began its review of Egypt’s bailout loan program on Tuesday. The delayed review, the fourth under Egypt’s IMF loan program approved in 2022, could release more than $1.2 billion in financing. In March, the bailout program — originally set for $3 billion — was expanded to $8 billion as an economic crisis marked by high inflation and severe foreign currency shortages continued. 

In a policy analysis published last week, Ben Fishman, a senior fellow at The Washington Institute focusing on North Africa, said since receiving $57 billion from the IMF and other foreign governments earlier this year, Cairo has implemented several reforms and named a new economic team, but President Abdel Fattah al-Sisi should allow for more reforms.

Fishman told Al-Monitor that there are two possibilities from this week’s review. The first is that the IMF is satisfied enough with Egypt’s progress that it completes the fourth review, noting areas that require additional work; the second is that it postpones the review again. The review was originally scheduled to take place at the end of September.