Reforms
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.
These changes will come into effect at the onset of the new academic year 2024/2025, commencing on September 21
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
El-Khatib emphasized the importance of aligning efforts with global partners to expand productive and service sectors capable of generating financial returns
“Egypt has remained steadfast in implementing our economic reform program amidst formidable challenges,” explained Madbouly on Sunday.
The EBRD forecasted Egypt’s GDP to rise by 4.8 percent during FY2023/2024, driven by recent reforms to boost private sector growth and easing of external and fiscal vulnerabilities
Maait emphasized Egypt’s keenness for continuous coordination with the International Monetary Fund to maximize avenues of mutual cooperation that help achieve development, financial, and economic objectives.
The center pointed out that the national program for structural reforms has drawn up a roadmap for the success of the first phase of the economic reform and dealing with COVID-19.
President Abdel Fatah al-Sisi met on Sunday Chairman of the Sudanese Sovereign Council Abdel Fatah al-Burhan in Paris, where they will both attend two conferences on Sudan and Africa.
The program is the second phase of the National Program for Economic and Social Reforms, which will have a third phase.
Maait said the budget deficit decreased to stand at 7.9 percent of Gross Domestic Product (GDP), while the initial surplus was put at 1.8 during fiscal year 2019/2020.
The Egyptian Publishers Association considered the statement a blatant and unacceptable interference in Egypt's internal affairs, adding that it promotes false allegations that are not based on any facts or evidence.
Minister of Foreign Affairs Sameh Shokry took part Wednesday in the meetings of the Executive Council of the African Union held via video conferencing.
The perception of international institutions is still positive towards the Egyptian economy, minister of planning highlights.
The report added that average real growth has remained positive during FY2019/20 and foreign reserves continue to be rather ample.
The reforms have contributed to giving the Egyptian economy greater flexibility in absorbing shocks and positively dealing with internal and external challenges, and the ability to overcome them.
That is the reason Egypt has become the most attractive to investments on the continent, the minister said.
Nasr clarified in a statement that maintaining Egypt's position came as a result of the improvement of the business climate, represented in governmental programs, in addition to gradual increasing private sector's investment, as well as enhancing econom
Despite it leading to dwindling personal purchasing power, the decline of the local currency against the dollar has been proving a goldmine for local manufacturers.
The board also discussed establishing 19 free and investment zones that would provide 220,000 job opportunities, Nasr said in statements to the press on Wednesday.
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