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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.
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.
They described the agreement as an important step towards ensuring long-term economic stability, growth, and supporting Egypt’s reform efforts.
Prime Minister Madbouly emphasized that the private sector creates more job opportunities and encourages investment in the Egyptian economy.
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.
Middle East and North Africa Economist at Capital Economics, James Swanston, noted that even before the Ras el Hekma deal, investor sentiment towards Egypt had improved in recent months on the back of hopes that a new IMF deal will soon be secured.
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.
Prime Minster Moustafa Madbouli has stressed on Monday on Egypt’s efforts to secure the passing of humanitarian aid needed by the residents of Gaza. He noted that so far, up to 130,000 tons of aid have been delivered to Gaza people, including 100,000 tons from Egypt.
The IMF team has reached the final stages to complete the first and second reviews of Egypt's program "within a few weeks”, according to Georgieva.
Goldman Sachs also projected that Egypt's financing requirements over the next four years will amount to $25 billion
The IMF team and Egyptian authorities achieved "excellent progress in discussions on the comprehensive policy package required to reach an agreement at the expert level for the first and second combined reviews of the Economic Reform Program in Egypt, supported by the Fund."
Separate sources have confirmed to news outlets that the Egyptian government has reached an agreement in principle with the IMF, which includes the release of the remaining $3 billion from the loan
The IMF expected, in the "World Economic Outlook Update January 2024" issued on Tuesday, the Egyptian economy to grow by 3 percent during the current fiscal year, compared to previous expectations in October of a 3.6 percent growth.
From Fitch Solutions’ most optimistic view of Egypt’s growth to the lowered expectations of the IIF, a diverse range of forecasts paints a complex picture of the country’s potential growth in the coming year as the country faces numerous external geopolitical and economic shocks.
“It is clear that additional financing will be critical to ensure the success in the implementation of the policy package for Egypt,” explained IMF Communications Director Julie Kozack during a press conference
Maait said that it is looking to diversify its financing tools, markets, sources, and bonds and he also stated that he hopes to raise between $500 million and $1 billion through sustainability bonds in 2024
International Monetary Fund (IMF) Director Kristalina Georgieva said on Sunday that the IMF will strongly support Egypt in continuing reforms.
Egypt’s President Abdel Fattah al Sisi met on Thursday upon his arrival in Dubai, to participate in the COP28 Summit, the Managing Director of the International Monetary Fund, Kristalina Georgieva.
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