Egypt achieves progress on economic fronts: IMF

CAIRO - 12 October 2023: The Managing Director of the International Monetary Fund, Kristalina Georgieva, confirmed Egypt's progress on several fronts, including fiscal policy and the implementation of the strategy for the listing of state-owned companies. This is in addition to cooperation with the IMF team regarding the best ways to manage monetary policies. She pointed out that it is likely that the economic review regarding the $3 billion loan will be implemented before the end of the current year.

 

During her first press conference at the International Monetary Fund and World Bank meetings held in Marrakech from October 9 to 15, Georgieva said that the deadline depends on both parties' ability to resolve all outstanding issues. She added, "Egypt has succeeded. We are currently identifying the challenges to ensure its ability to make further progress and set a date for the review."

 

Georgieva concluded her remarks by saying, "I have respect for the Egyptian authorities, the Central Bank Governor, and the Minister of Finance, who are dealing effectively with extremely challenging situations."

 

Last month, Egypt stated that it had agreed with the International Monetary Fund to merge the first and second reviews of the Fund's program for economic reform after continuous postponements, amid questions about Cairo's progress in meeting the conditions of the International Monetary Fund.

 

In December, the International Monetary Fund approved a $3 billion loan from the Extended Fund Facility for Egypt to enhance its capacity to deal with challenges arising from the international situation.