International Monetary Fund
During her presentation, Minister Al-Mashat highlighted the distinction between short-term economic stability policies and long-term structural reforms
This strategy aims to extend the life of debt and minimize its burden and cost
Rania Al-Mashat, emphasized the crucial role of sustainable infrastructure in driving economic and social progress worldwide. However, she acknowledged the significant gap between the current global infrastructure needs and the projected spending by 2030, estimated at $15 trillion
Al-Mashat called for a focus on supporting project structuring and bankability and addressed the G24 Governors
To stimulate liquidity and trading on both government and corporate bond markets, Farid called for increased transparency and disclosure, along with simplified and streamlined issuance procedures
The IMF stated during a press conference, Tuesday, as part of the World Economic Outlook report, that the Egyptian economy achieved a growth rate in gross domestic product (GDP) of 3.8 percent during 2023.
During the meeting, Minister Al Mashat expressed Egypt's gratitude for the ongoing cooperation with JICA, highlighting the alignment of visions and the commitment to strengthening joint efforts
Hollar also highlighted that the third review of Egypt's economic reform program is expected to be completed by the end of June. Following this review, a new loan tranche, with a maximum amount of $820 million, will be disbursed.
The purpose of this request is to strengthen Egypt's economy and ensure a sustainable infusion of foreign currency liquidity.
“Ensuring a flexible exchange rate system is one of the IMF’s prerequisites for the loan, and this is what the Central Bank of Egypt is focusing on,” Economic Expert Karim Nassar stated in an interview with Egypt Today.
Maait also stated that Egypt will obtain new $3 billion from the World Bank during the coming period pointing out that this amount is part of a total package worth $20 billion from several international partners
The IMF loan has been augmented and increased to $8 billion instead of $3 billion "due to significant macroeconomic challenges that have become more complex to manage with the impact of the recent conflict in Gaza on tourism and Suez Canal receipts," according to the IMF statement
Egypt will also receive soft loans from the World Bank and the European Union, according to the Prime Minister.
Prime Minister Mostafa Madbouly commended decisions announced by the Central Bank of Egypt (CBE) this morning, including to let the currency trade freely, saying they endorse state’s efforts to address inflation.
The Egyptian government and the International Monetary Fund (IMF) are on the verge of signing an agreement to augment the Egyptian loan program within a few hours, Al Qahera News reported, citing a high-level source.
The International Monetary Fund (IMF) resolved major issues with Egypt in its review of its $3 billion loan program, IMF’s Managing Director, Kristalina Georgieva, announced.
Kozack emphasized that the IMF team and the Egyptian authorities have reached a consensus on the key components of the program, with the authorities demonstrating a strong commitment to its implementation
This came during her meeting with Egypt’s Prime Minister, Mostafa Madbouly, on the sidelines of the World Government Summit in Dubai.
Madbouly confirmed the Egyptian government's commitment to comprehensive economic reforms, including reducing inflation rates, decreasing the debt-to-GDP ratio, and bolstering the private sector.
This is a $30 million increase from the $35.21 billion recorded in December 2023
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