International Monetary Fund
Egypt is preparing for a review of its $3 billion IMF loan in order to receive its second tranche under the Extended Fund Facility (EFF), however, Egypt and the IMF have yet to agree on a review date
The fund is also looking for increased privatization deals for state assets and genuine flexibility in Egypt’s currency, the unnamed sources revealed to Bloomberg
In its report on global economic prospects, issued Tuesday, the IMF expected that inflation rates in Egypt would reach 21.6 percent during 2022/2023, declining to 18 percent in 2023/2024.
It is scheduled that the value of the second tranche of the loan will be the same as the value of the first tranche, which is $347 million.
Egypt is "one of the innocent countries that were injured by mistake, and that the government did a good job in reforming the country's economy.
The new financing aims to protect macroeconomic stability and debt sustainability, improve Egypt's resilience to external shocks, strengthen its social safety net, and intensify reforms that support private sector-led growth and job creation.
Maait explained that very fruitful bilateral discussions were held with IMF experts on the sidelines of the annual meetings of the IMF and the World Bank in Washington, and significant progress was made in all policies.
Maait said that the State achieved a primary surplus for the fifth year in a row, at a value of LE 100 billion, at a rate of 1.3 percent of GDP.
The International Monetary Fund (IFM) welcomes the government's social protection programs and does not force the state to take measures that harm Egyptian citizens, affirmed Prime Minister Moustafa Madbouli on Thursday.
The Egyptian government is in the final stage of talks with the International Monetary Fund on a new funding, Prime Minister Mostafa Madbouli said during the Logos Coptic Youth Forum on Monday.
In its July update of the World Economic Outlook released today, the IMF expected that the Egyptian gross domestic product (GDP) in 2023 would register a growth of 4.8 percent.
Countries in the Middle East, North Africa, Caucasus, and Central Asia regions are highly exposed to rising global food prices, particularly the price of wheat, which is expected to remain high throughout the year and into 2023.
In its latest World Economic Outlook issued Tuesday, the IMF expected that Egypt's gross domestic product (GDP) in 2023 would grow by 5 percent.
Maait’s remarks came after his meeting with IMF director Kristalina Georgieva which was held on the sidelines of the World Government Summit 2022.
Given the fact that Egypt will play host to an important climate conference or COP27 late this year, followed by UAE in 2023, she added in remarks at the World Government Summit 2022 (WGS2022).
Egypt has submitted a request to the International Monetary Fund (IMF) to start negotiations about a new program that seeks to support Egyptian state’s plans of national comprehensive economic reform, the Egyptian Cabinet said.
“Egypt is now working on the new energy file through a strategic plan in order to provide a better life for citizens and raise their standard of life,” he elaborated.
"Egypt is the only oil-importing country that has achieved positive growth thanks to the good management of the repercussions of the post-Covid-19 pandemic and the release of positive economic data,” she said.
The report indicated that the IMF’s expectations indicate an increase in total revenues as a percentage of gross domestic product (GDP), to record 18.6 percent in 2021/2022, 18.7 percent in 2022/23, 18.9 percent in 2023/2024, and 19 1 percent in 2024/2025.
These allocations represent a vaccine injection into the arm of the world, and if used wisely, it will be a unique opportunity to combat this unprecedented crisis, according to a statement by the Fund.
