Egypt, IMF discuss structural reforms, private investments in key sectors
Updated 7/28/2024 7:22:00 AM
Arab Finance: Egypt and the International Monetary Fund (IMF) have discussed the country’s keenness to drive structural reforms and private investments in the fields of renewables, technology, water desalination, and infrastructure, as per an official statement.
On July 27th, the Egyptian Minister of Finance Ahmed Kouchouk has met with the IMF’s Managing Director Kristalina Georgieva on the sidelines of the third meeting of the G20 Finance Ministers and Central Bank Governors in Rio de Janeiro, Brazil.
During the meeting, Kouchouk said that the government is looking forward to the IMF’s third review of Egypt's Extended Fund Facility (EFF) arrangement, scheduled on July 29th.
He also highlighted that the government is committed to achieving financial discipline to lower the country’s debt-to-gross domestic product (GDP) ratio.
He added that the state is also targeting boosting spending on education, health, and social protection, along with curbing inflation rates in order to stabilize prices to improve living standards and support business competitiveness.
Moreover, Kouchouk stressed that the government is prioritizing increasing private sector investments, pushing forward productive and export activities, and attracting foreign direct investment (FDIs).
The minister also emphasized the ongoing efforts to simplify tax and customs procedures to rebuild trust between the business community and the tax administration, as well as improve services for taxpayers.
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