IMF says combining reviews of Egypt's $8 bln loan to allow more time for reforms

The International Monetary Fund on Thursday said it would combine the fifth and sixth reviews of Egypt's $8 billion support program this fall to give authorities more time to meet critical objectives of its economic reform program.

IMF spokeswoman Julie Kozack told a regular briefing that IMF staff were working with Egyptian authorities on finalizing key policy measures, particularly on the state's role in the economy.

A decision to combine the reviews, first reported by Reuters on Tuesday, could delay a new disbursement of funds to Egypt by half a year. Kozack said it was premature to discuss the level of any expected disbursement related to the combined reviews.