Egypt, IMF discuss latest development on 5th EFF review
Arab Finance: The Egyptian government and the International Monetary Fund (IMF) are currently undergoing the fifth review of Egypt's Extended Fund Facility (EFF), following the conclusion of four previous reviews under the IMF program, Prime Minister Moustafa Madbouly revealed.
In a meeting with the IMF delegation to Egypt, headed by Deputy Managing Director Nigel Clarke, the two sides discussed Egypt's economic reform program carried out by the government and the Central Bank of Egypt (CBE), in cooperation with the IMF.
The meeting was attended by the CBE's Governor Hassan Abdalla, Minister of Finance, Minister Ahmed Kouchouk, and Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, along with other officials.
Madbouly highlighted that the Egyptian economy managed to be resilient and absorb external shocks over the past period.
He indicated that Egypt's real gross domestic product (GDP) growth rate hit 3.9% in the first half (H1) of FY 2024/2025.
Private sector investments increased by 80% during the period from July to December 2024, Madbouly said, adding that the volume of foreign direct investment (FDI) rose by 17%.
Non-oil exports hiked by 33% during the first nine months of the year, contributing to achieving strong growth rates in production sectors, such as industry, information technology, and transportation, he pointed out.
Madbouly also noted that inflation rates declined significantly to 13.9% in April, compared to more than 37% in the same month a year earlier.
The budget deficit declined to 6.5% from 6.7% over the past 10 months, he mentioned, noting that Egypt aims to reduce the public debt to 85% of GDP by the end of June 2025 from 96% in June 2023.
On his part, Clarke stressed that Egypt has made tangible and clear progress regarding its macroeconomic reform program.
He stated that the Egyptian program has resulted in a strong reduction in inflation and unemployment rates, while foreign exchange reserves have jumped along with the availability and foreign currencies.
Moreover, he depicted the increase in funding provided to the private sector as a direct response to the improvement and stability of macroeconomy.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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