IMF to commence 4th review of Egypt's economic reform program on November 5th
Updated 11/3/2024 1:26:00 PM
Arab Finance: The International Monetary Fund (IMF) is set to begin its fourth review of Egypt's economic reform program on Tuesday, November 5th, as announced by Prime Minister Mostafa Madbouly during a press conference in Cairo with IMF Managing Director Kristalina Georgieva.
This review is critical, as its completion will facilitate the disbursement of a $1.3 billion tranche from the IMF loan, the largest among the series of financial installments.
During the press conference, Georgieva projected Egypt's economy to grow by 4.2% in the current fiscal year (FY) 2024/2025, on the back of reforms initiated by the Egyptian government, including emphasizing the private sector's role in job creation and enhancing social protection.
Additionally, Georgieva expressed recognition of the robust measures implemented by the Egyptian government, including the shift to a flexible exchange rate system for the dollar.
She noted that discussions with Egypt in the coming week will focus on various topics related to the green economy.
In March, Egypt increased the total value of its loan agreement with the IMF to $8 billion as part of a broader initiative aimed at rescuing its economy, which has been grappling with a severe foreign exchange crisis since early 2022.
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