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According to the IMF, Egypt has implemented key reforms to stabilize its economy despite these pressures.
The International Monetary Fund (IMF) is keen on maintaining the dynamic movement in Egypt as a pillar of stability despite being surrounded by many troubles, Kristalina Georgieva, IMF Managing Director said Monday.
She anticipates that inflation rates could fall to 17 percent in the coming period, a goal backed by the IMF’s support of Egypt’s ongoing economic reforms.
Sisi emphasized that the state prioritizes alleviating the pressures and burdens on citizens
“The program is moving in the right direction and is gradually achieving its targets, both in terms of growth recovery and gradual decline in inflation, and a normal functioning of the foreign exchange market,” Azour said during a briefing in Dubai.
New data is expected to reveal the effects of economic reforms on household spending following two years of currency devaluation and rising prices.
He also thanked Prime Minister Mostafa Madbouly and the Egyptian government for their support during the nomination and voting process.
Al Mashat presented the country’s recent economic and structural reforms, emphasizing the government's efforts to strengthen macroeconomic stability, enhance the business environment, and build a competitive, investment-friendly economy.
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.
In the IMF’s latest World Economic Outlook report released on Tuesday, the fund revealed that Egypt recorded a real GDP of 3.8 percent in FY2023/2024, 1.1 percent higher than the IMF's earlier projection of 2.7 percent in July.
The news comes within days of President Abdel Fattah El Sisi urging the government to reassess its agreement with IMF, stating, “If this challenge forces me to place unbearable pressure on the public, we must review the situation with the IMF.”
These measures, approved by the IMF's Executive Board, are estimated to save member countries an estimated $1.2 billion annually.
The announcement was made during a press conference held alongside the release of key economic indicators for the fiscal year 2023/2024
During the completion of its 3rd review of Egypt’s $8 billion loan program, the International Monetary Fund (IMF) adjusted and softened certain conditions attached to the program, providing the country more time to implement key reforms.
The IMF emphasized the Ras El-Hekma deal's significance in curbing financing needs and debt levels.
In a recent statement, Prime Minister Mostafa Madbouly shared that a new tax law will be announced next October
Following the competition of its 3rd review of Egypt’s extended fund facility (EFF), the International Monetary Fund (IMF) revised its forecast for Egypt’s growth rate, projecting a 4 percent for FY2024/2025 with inflation to fall below 15 percent.
With the 3rd review completed, Egypt will receive $820 million in the coming days, meaning it will have obtained $1.64 billion from the $8 billion loan since the agreement’s approval in 2022
This approval signals the imminent disbursement of the third tranche, part of an $8 billion agreement sanctioned in March.
Globally, growth projections remain stable at 3.2 percent for 2024 and 3.3 percent for 2025
