International Monetary Fund
The new financing aims to protect macroeconomic stability and debt sustainability, improve Egypt's resilience to external shocks, strengthen its social safety net, and intensify reforms that support private sector-led growth and job creation.
Maait explained that very fruitful bilateral discussions were held with IMF experts on the sidelines of the annual meetings of the IMF and the World Bank in Washington, and significant progress was made in all policies.
Maait said that the State achieved a primary surplus for the fifth year in a row, at a value of LE 100 billion, at a rate of 1.3 percent of GDP.
The International Monetary Fund (IFM) welcomes the government's social protection programs and does not force the state to take measures that harm Egyptian citizens, affirmed Prime Minister Moustafa Madbouli on Thursday.
The Egyptian government is in the final stage of talks with the International Monetary Fund on a new funding, Prime Minister Mostafa Madbouli said during the Logos Coptic Youth Forum on Monday.
In its July update of the World Economic Outlook released today, the IMF expected that the Egyptian gross domestic product (GDP) in 2023 would register a growth of 4.8 percent.
Countries in the Middle East, North Africa, Caucasus, and Central Asia regions are highly exposed to rising global food prices, particularly the price of wheat, which is expected to remain high throughout the year and into 2023.
In its latest World Economic Outlook issued Tuesday, the IMF expected that Egypt's gross domestic product (GDP) in 2023 would grow by 5 percent.
Maait’s remarks came after his meeting with IMF director Kristalina Georgieva which was held on the sidelines of the World Government Summit 2022.
Given the fact that Egypt will play host to an important climate conference or COP27 late this year, followed by UAE in 2023, she added in remarks at the World Government Summit 2022 (WGS2022).
Egypt has submitted a request to the International Monetary Fund (IMF) to start negotiations about a new program that seeks to support Egyptian state’s plans of national comprehensive economic reform, the Egyptian Cabinet said.
“Egypt is now working on the new energy file through a strategic plan in order to provide a better life for citizens and raise their standard of life,” he elaborated.
"Egypt is the only oil-importing country that has achieved positive growth thanks to the good management of the repercussions of the post-Covid-19 pandemic and the release of positive economic data,” she said.
The report indicated that the IMF’s expectations indicate an increase in total revenues as a percentage of gross domestic product (GDP), to record 18.6 percent in 2021/2022, 18.7 percent in 2022/23, 18.9 percent in 2023/2024, and 19 1 percent in 2024/2025.
These allocations represent a vaccine injection into the arm of the world, and if used wisely, it will be a unique opportunity to combat this unprecedented crisis, according to a statement by the Fund.
“For the fiscal year 20/21, we still expect a growth of 2.8 percent, and we see that the recovery has begun with expectations of a stronger revival in the next fiscal year, reaching growth to 5.2 percent."
They commended Egypt’s strong performance under the Stand-by Arrangement, a result of timely policy response to the crisis and steadfast implementation of the program with overperformance in key program targets.
The second review allows the authorities to draw the equivalent of SDR 1,158.04 million (about US$1.7 billion), bringing total purchases under the SBA to SDR 3,763.64 million (about US$ 5.4 billion, 184.8 percent of quota).
The Executive Board of the International Monetary Fund (IMF) completed, Wednesday second, final review of Egypt’s economic reform program allowing the authorities to draw about $ 1.7billion.
Egypt will receive the last tranche of its $5.2 billion loan from the International Monetary Fund (IMF) before the end of June, Minister of Finance Mohamed Maait suggested in remarks to Egypt Today.