International Monetary Fund

Egypt’s net foreign assets hit LE 174.3B in April: CBE

Sun, 02 Jun 2024 - 02:21 GMT

The Central Bank of Egypt (CBE) reported holding LE 1.883 trillion in foreign assets at the end of April, while commercial banks held LE 1.195 trillion

IMF mission visits Cairo for third review of Egypt's loan program

Thu, 23 May 2024 - 10:23 GMT

The IMF team has been in the Egyptian capital for the past two days to assess the country's progress under the loan agreement, the officials stated. The third review is expected to be completed on or after June 15, 2024, with the fourth review slated for on or after September 15

Egypt in talks to secure $1.2B from IMF's Resilience and Sustainability Facility

Sun, 19 May 2024 - 10:02 GMT

During the meeting, the two parties discussed cooperation mechanisms for environmental and climate policies. Fouad stressed that this meeting was a continuation of the bilateral discussions with the IMF to enhance coordination and cooperation frameworks for environmental and climate policies in Egypt.

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.

Minister Al-Mashat emphasizes importance of joint financing for development projects

Mon, 22 Apr 2024 - 09:09 GMT

The newly launched “Global Collaborative Co-Financing Platform” aims to channel additional capital, broaden the scope and impact of development, mobilize funds for large-scale projects, and alleviate the burdens faced by beneficiary nations

Al-Mashat stresses structural reforms' importance for long-term economic resilience

Thu, 18 Apr 2024 - 04:54 GMT

During her presentation, Minister Al-Mashat highlighted the distinction between short-term economic stability policies and long-term structural reforms

Egypt aims to reduce its debt rates to 80% by 2027

Thu, 18 Apr 2024 - 11:25 GMT

This strategy aims to extend the life of debt and minimize its burden and cost

MOIC minister highlights challenges and efforts in achieving sustainable infrastructure development

Wed, 17 Apr 2024 - 02:49 GMT

Rania Al-Mashat, emphasized the crucial role of sustainable infrastructure in driving economic and social progress worldwide. However, she acknowledged the significant gap between the current global infrastructure needs and the projected spending by 2030, estimated at $15 trillion

Climate funding must not overlook poverty eradication and shared prosperity goals: Al-Mashat

Wed, 17 Apr 2024 - 11:14 GMT

Al-Mashat called for a focus on supporting project structuring and bankability and addressed the G24 Governors

FRA Chairman advocates for stability and flexibility in global financial markets at IMF meetings

Tue, 16 Apr 2024 - 04:25 GMT

To stimulate liquidity and trading on both government and corporate bond markets, Farid called for increased transparency and disclosure, along with simplified and streamlined issuance procedures

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.

Egypt’s Minister of International Cooperation, JICA meet during spring meetings

Tue, 16 Apr 2024 - 10:17 GMT

During the meeting, Minister Al Mashat expressed Egypt's gratitude for the ongoing cooperation with JICA, highlighting the alignment of visions and the commitment to strengthening joint efforts

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.

Egypt requests $5B first tranche from IMF’s $8B loan

Mon, 18 Mar 2024 - 10:55 GMT

The purpose of this request is to strengthen Egypt's economy and ensure a sustainable infusion of foreign currency liquidity.

What should Egypt do to ensure steady FX inflows?

Mon, 11 Mar 2024 - 10:37 GMT

“Ensuring a flexible exchange rate system is one of the IMF’s prerequisites for the loan, and this is what the Central Bank of Egypt is focusing on,” Economic Expert Karim Nassar stated in an interview with Egypt Today.

No intention to issue bonds till end of current fiscal year: Finance Minister

Sun, 10 Mar 2024 - 04:46 GMT

Maait also stated that Egypt will obtain new $3 billion from the World Bank during the coming period pointing out that this amount is part of a total package worth $20 billion from several international partners

IMF, Egyptian authorities agree on $8B loan augmentation, reforms to address macroeconomic challenges

Wed, 06 Mar 2024 - 06:46 GMT

The IMF loan has been augmented and increased to $8 billion instead of $3 billion "due to significant macroeconomic challenges that have become more complex to manage with the impact of the recent conflict in Gaza on tourism and Suez Canal receipts," according to the IMF statement

Egypt's agreement with IMF raises to $8B up from $3B

Wed, 06 Mar 2024 - 03:14 GMT

Egypt will also receive soft loans from the World Bank and the European Union, according to the Prime Minister.

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.

Egypt, IMF set to sign deal on loan program augmentation ‘within hours’: High-level source

Wed, 06 Mar 2024 - 11:30 GMT

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.