IMF expects Egyptian economy's growth rate to rise to 4.5%

CAIRO - 30 March 2024: The International Monetary Fund (IMF) said that the growth rate of the Egyptian economy reached 3.8 percent during the last fiscal year 2022-2023 and will reach 3 percent during the current fiscal year 2023-2024, expecting the growth of Egypt’s economy to rise to 4.5 percent in the next fiscal year 2024-2025.

 

The Executive Board of the International Monetary Fund, after discussing the first and second reviews of Egypt's economic program, agreed to raise the value of financing by $5 billion, bringing the total financing to $8 billion, pointing out that $820 million had been made available for urgent disbursement.

 

Kristalina Georgieva, Director General of the International Monetary Fund, said that Egypt is implementing important measures to achieve macroeconomic stability, by unifying the exchange rate, accelerating the pace of ending foreign currency arrears, and reducing public debt.

 

In a statement, the Director General of the International Monetary Fund stressed the importance of the measures implemented by the Egyptian authorities to address the macroeconomic challenges that increased with the conflict in Gaza and tensions in the Red Sea, noting that the Egyptian authorities have taken important measures to protect the most needy groups.