International Monetary Fund
Similarly, the projection for FY2025/2026 has been revised down to 4.1 percent, compared to the previous estimate of 5.1 percent.
“The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions that are causing a sharp decline in Suez Canal receipts.”
October 2024 alone saw an exceptional 68.4% surge in remittances, amounting to $2.9 billion, compared to $1.7 billion in October 2023. This remarkable growth highlights the impact of recent economic reforms on financial inflows.
Madbouly disclosed the government's plans to offer 11 companies for sale during the upcoming year, prominently featuring the military-affiliated Wataniya, Safi, Silo Foods, and ChillOut
Madbouly remarked on the historical perception within Egypt that a fixed exchange rate symbolized a state's robustness and endurance and that a flexible exchange rate system should be avoided
Madbouly announced that the Investment Minister will unveil an updated privatization plan later this month
Madbouly announced that the IMF would begin its fourth review of Egypt’s loan program on Tuesday. This process could unlock over $1.2 billion in financing, providing essential support as Egypt continues its economic reform journey
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.
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.
She also announced plans to visit Egypt within 10 days to assess the country's economic indicators and review the situation in light of the regional and global developments affecting its economy.
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.
Sisi said Egypt has lost about $6-7 billion in the last 10 months amidst ongoing regional and global repercussions
These measures, approved by the IMF's Executive Board, are estimated to save member countries an estimated $1.2 billion annually.
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
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
Globally, growth projections remain stable at 3.2 percent for 2024 and 3.3 percent for 2025
This postponement comes as a result of certain conditions that need to be met, as communicated by a government official in an interview with Asharq.
