Cairo – August 26, 2024: The International Monetary Fund’s (IMF) fourth review of Egypt’s $8 billion Extended Fund Facility (EFF) has allegedly been moved to October, according to sources speaking to regional media.
The IMF is pushing the review to October, explained sources to Al Arabiya Business, rather than September.
The upcoming review will center on several points, including lifting subsidies such as fuel, narrowing public spending, and reducing tax exemptions.
In a recent statement, Prime Minister Mostafa Madbouly shared that a new tax law will be announced next October.
The IMF has previously emphasized that tax reforms will be a priority issue for the upcoming review.
Following the completion of the third review in July, the IMF highlighted Egypt’s improved macroeconomic conditions since the first tranche of the Extended Fund Facility (EFF), noting easing inflationary pressures and several of the fund’s fiscal targets being met.
The fund’s approval enabled Egypt to draw $820 million from the $8 billion loan program.
The IMF currently expects Egypt to see GDP growth of 4 percent for FY2024/2025, with inflation to fall below 15 percent.
Be Social
Comments
Leave a Comment