Egypt: Program Components Agreement with International Monetary Fund and Announcement to be Completed Soon

Egyptian Finance Minister Mohamed Maait confirmed that the agreement with the International Monetary Fund at the expert level of the components of the new program has been completed, explaining that this will be announced very soon.

“On the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Washington, there were very fruitful bilateral discussions with IMF experts, and significant progress was made across all policy areas,” said Mohamed Maait.

Maite added on the sidelines of his attendance at the annual meetings of the International Monetary Fund and the World Bank in Washington, “We continue our efforts to control the state’s public finances in order to maintain economic gains through sustained reductions in public debt rates. to GDP in the medium term, especially considering that in the last financial year we succeeded.” Having recorded positive indicators, despite the inflationary pressure observed on the world stage and the state of uncertainty in the markets.

He added: “Egypt was one of the few emerging economies to achieve a primary surplus in the last fiscal year of 1.3% of GDP, a growth rate of 6.6%, an increase in tax revenue of approximately 19% year on year, and reducing the budget deficit from 13% in FY 2012/2013 to 6.1% in the last fiscal year, and we are targeting 6% in the current FY and 4% in FY 2026/27, and reduce the debt rate from 103% in June 2016 to 87.2% in June 2022.

The Egyptian Minister continued: “We continue to improve the efficiency of public spending, ensure the optimal use of public resources, improve the structure of the budget and increase financial transparency in a way that contributes to the achievement of economic and development goals, working to mitigate the negative impact of global economic conditions on living standards. citizens, as well as improving the quality of services provided to them, as well as the expansion of fiscal and structural policies that help expand the social safety net for the most needy groups in a way that dampens the global inflationary wave.

Source: RT