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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
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.
IMF and Egypt reach staff-level agreement on crucial policy reforms.
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.
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.
The IMF announced that the authorities repealed the required use of Letters of Credit, although the repeal failed to fulfill its intended objective of removing an instrument for rationing import demand.
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.
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
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.
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.
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.
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.
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.
In a statement released on Saturday, the minister emphasized the significance of the IMF’s approval in support of Egypt’s economic reforms
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