Egypt is poised to keep interest rates at a record high as it awaits the full inflationary impact of a fuel-price hike and the completion of a key International Monetary Fund review.

The International Monetary Fund said on Wednesday that its mission had concluded a visit to Egypt and made substantial progress on policy discussions toward the completion of the fourth review of IMF loan programme.

The International Monetary Fund on Wednesday said its staff and Egyptian authorities have made “substantial progress on policy discussions” at the end of the lender's visit to Cairo. “Discussions will continue over the coming days to finalise agreement on the remaining policies and reforms that could support the completion of the fourth review,

Egypt has asked the International Monetary Fund to review the targets for the full duration of its $8 billion program, Prime Minister Mostafa Madbouly said.