International Monetary Fund
Directives notably include the preparation of a national economic program to succeed the country's IMF-backed reform program and the completion of preparations for long-awaited local council elections.
President Abdel Fattah El‑Sisi met with Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the sidelines of the Africa–France Summit held in the Kenyan capital, Nairobi.
Azour said Egypt’s policy response has been “notable” in addressing spillovers from the conflict.
The approval enables Egypt to access nearly $2 billion under the Extended Fund Facility and $273 million through the Resilience and Sustainability Facility.
Speaking during a press briefing on Thursday, IMF Communications Director Julie Kozack credited the Egyptian authorities for implementing critical reforms
The downgrade reflects delays in implementing structural reforms linked to Egypt’s $8 billion financial support program.
The update was shared by Julie Kozack, Director of Communications at the IMF, during a press briefing held on Thursday.
Egypt is developing a medium-term debt management strategy aimed at increasing transparency and gradually lowering the high costs of debt servicing within the budget.
Earlier this month, an IMF delegation traveled to Cairo to engage in talks with Egyptian officials concerning the review, which, upon completion, could lead to the release of a $1.2 billion installment.
This fifth review comes as part of the program signed with the IMF, following the Fund’s approval in early April to disburse the fourth tranche of the loan, valued at $1.2 billion.
This follows a statement from the IMF's Executive Board, which acknowledged Egypt’s progress in stabilizing its economy despite ongoing external challenges.
Pending approval, the country is expected to receive the fourth tranche of its loan agreement, valued at $1.2 billion.
The IMF's Executive Board is expected to consider both the fourth review of Egypt’s loan program and the discussions around the RSF in the coming weeks.
Similarly, the projection for FY2025/2026 has been revised down to 4.1 percent, compared to the previous estimate of 5.1 percent.
“The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions that are causing a sharp decline in Suez Canal receipts.”
October 2024 alone saw an exceptional 68.4% surge in remittances, amounting to $2.9 billion, compared to $1.7 billion in October 2023. This remarkable growth highlights the impact of recent economic reforms on financial inflows.
Madbouly disclosed the government's plans to offer 11 companies for sale during the upcoming year, prominently featuring the military-affiliated Wataniya, Safi, Silo Foods, and ChillOut
Madbouly remarked on the historical perception within Egypt that a fixed exchange rate symbolized a state's robustness and endurance and that a flexible exchange rate system should be avoided
Madbouly announced that the Investment Minister will unveil an updated privatization plan later this month
Madbouly announced that the IMF would begin its fourth review of Egypt’s loan program on Tuesday. This process could unlock over $1.2 billion in financing, providing essential support as Egypt continues its economic reform journey
