Egypt urged to implement reforms before IMF bailout review

The International Monetary Fund (IMF) is urging Egypt to implement more economic reforms, including privatizing state assets and allowing flexibility in its currency, before conducting the first review of the country's $3bn rescue package. The IMF wants to ensure the review is successful before Egypt can access the second tranche of its loan worth about $354m. As part of the IMF deal, Cairo has agreed to sell stakes in several dozen state-owned companies this year and pledged to shift to a flexible exchange rate, although the pound's stability has raised questions about the government's commitment to its reforms.