Egypt in talks with IMF to secure $1.2 Bln for environmental projects

Sat, 18 May 2024 - 05:52 GMT

The meeting has initiated discussions for Egypt to secure 1.2 billion in environmental funding through the IMF's special support packages and to explore avenues for future collaboration in bolstering environmental and climate policies, the Ministry added.

IMF supports Egypt's structural reforms to boost economy

Sun, 28 Apr 2024 - 02:25 GMT

This announcement was made during Madbouly's participation in the opening session of the World Economic Forum in Riyadh, where he represented President Abdel Fattah El-Sisi.

Egypt meets 7 out of 15 structural benchmarks: IMF

Sat, 27 Apr 2024 - 02:35 GMT

The IMF announced that the authorities repealed the required use of Letters of Credit, although the repeal failed to fulfill its intended objective of removing an instrument for rationing import demand.

Into IMF's 1st, 2nd reviews of extended fund facility arrangement for Egypt

Sat, 27 Apr 2024 - 02:07 GMT

The International Monetary Fund (IMF) has released its experts' report on Egypt's financing program, shedding light on the country's economic policies and financial commitments.

World Bank expected to disburse $1B from $6B package during H2 2024: Al Mashat

Thu, 18 Apr 2024 - 02:09 GMT

Egypt’s Minister of International Cooperation (MoIC), Rania Al Mashat, recently stated in an interview that the World Bank (WB) is expected to disburse $1 billion during the second half of 2024 as part of the $6 billion support package announced back in March

IMF maintains its expectations for Egypt’s economic growth at 3% in 2023/24

Tue, 16 Apr 2024 - 02:51 GMT

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.

PlanningMin leads global economic discussions at 2024 World Bank and IMF meetings

Tue, 16 Apr 2024 - 12:58 GMT

Her participation in these meetings aims to address global challenges by exploring various financing solutions, fostering private-sector investments, and enhancing resilience against future disruptions.

Rania Al-Mashat participates at World Bank, IMF 2024 Spring Meetings in Washington D.C.

Mon, 15 Apr 2024 - 02:23 GMT

The Spring Meetings will include government officials from various countries of the world, and country governors at the World Bank Group, in addition to private sector companies, civil society organizations, academics, and other relevant entities, to discuss international efforts towards enhancing cooperation to achieve sustainable development and poverty eradication.

IMF official: Ras El-Hekma deal recognizes Egypt's economic potential to generate additional tourism revenues

Tue, 02 Apr 2024 - 08:33 GMT

The International Monetary Fund (IMF) Mission Chief for Egypt Ivanna Vladkova Hollar said that the Ras El-Hekma deal, which is worth $35 billion, will reduce the pressure on the balance of payment but if it were used prudently.

IMF projects Egypt’s inflation rates to reach 25.5%

Mon, 01 Apr 2024 - 03:27 GMT

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.

IMF’s approval to raise loan to $8B will support reforms, includes access to sustainability fund: Maait

Sun, 31 Mar 2024 - 01:00 GMT

In a statement released on Saturday, the minister emphasized the significance of the IMF’s approval in support of Egypt’s economic reforms

Egypt to receive 1st batch of IMF's loan next week: PM

Sat, 30 Mar 2024 - 12:42 GMT

Madbouly added, during a press conference, that the Egyptian state is working on increasing dollar resources and rationalizing spending.

IMF completes reviews of Egypt's program, approves $5B augmentation

Sat, 30 Mar 2024 - 12:16 GMT

The IMF elaborated that this approval enables Egypt to immediately draw about $820 million (SDR 618.1 million). Egypt’s 46-month EFF arrangement was approved on December 16, 2022.

IMF: $35 billion Ras el-Hekma deal supports Egypt's economy, to help handling of future shocks

Sat, 30 Mar 2024 - 12:07 GMT

The International Monetary Fund stressed the importance of implementing economic policies and supporting the private sector to be an engine of growth.

IMF expects Egyptian economy's growth rate to rise to 4.5%

Sat, 30 Mar 2024 - 12:00 GMT

The International Monetary Fund (IMF) said that the growth rate of the Egyptian economy reached 3.8 percent during the last fiscal year 2022-2023 and will reach 3 percent during the current fiscal year 2023-2024, expecting the growth of Egypt’s economy to rise to 4.5 percent in the next fiscal year 2024-2025.

Egyptian remittances returning to normal as black market shrinks: PM

Wed, 13 Mar 2024 - 01:49 GMT

Prime Minister Mostafa Madbouli announced that remittances from Egyptian expatriates are gradually returning to their usual levels, particularly due to the narrowing gap between the official exchange rate and the black market rate.

European Union close to provide Egypt with $5 to $6B: Finance Minister

Mon, 11 Mar 2024 - 11:46 GMT

In another interview with the same publication, Maait confirmed that Egypt is set to receive an additional $3 billion from the World Bank in the coming period.

Ambassadors of major economies applaud Egypt-IMF staff-level agreement

Wed, 06 Mar 2024 - 09:02 GMT

They described the agreement as an important step towards ensuring long-term economic stability, growth, and supporting Egypt’s reform efforts.

FULL COVERAGE | IMF Agreement Marks Milestone for Egypt's Economic Revitalization

Wed, 06 Mar 2024 - 07:37 GMT

Prime Minister Madbouly emphasized that the private sector creates more job opportunities and encourages investment in the Egyptian economy.

CBE move to let currency trade freely to reinforce efforts to tackle inflation: Egypt’s PM

Wed, 06 Mar 2024 - 01:53 GMT

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.