PM: Egypt will negotiate with IMF to review reform timeline

Cairo – October 24, 2024: Egypt is planning to reevaluate its reform program’s timeline with the International Monetary Fund (IMF), according to Prime Minister Mostafa Madbouly during his weekly press conference.

This decision comes in response to directives from President Abdel-Fattah El-Sisi earlier this week to reassess the agreement to alleviate the strain on citizens as Egypt grapples with economic hurdles, including inflation and high debt.

“Based on the recent economic developments in Egypt, we will have the opportunity to negotiate this matter with the IMF mission to review the program," Madbouly stated.

Madbouly emphasized that despite the challenging circumstances, Egypt has maintained its commitments to the IMF, noting the government's success in reducing unemployment to its lowest levels in recent months, a sign of resilience amid ongoing economic pressures.

The IMF has noted positive portfolio flows into Egypt, particularly local currency bonds, despite the country's debt issues. The Fund’s recent World Economic Outlook projected that Egypt’s GDP growth would rise to 4.1 percent by FY2025/2026, up from a forecasted 2.7 percent in FY2024/2025.