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Maait: IMF highlights budget deficit in Egypt review
Dr. Mohamed Meit, Executive Director of the International Monetary Fund and representative of the Arab Group, stated that the Fund's observations during the seventh review of the Egyptian program focused on the inflation issue. He explained that the inflationary effects of the war—due to rising prices of oil, fertilizers, and shipping costs—continue to impact Egypt and the world, leading to inflation rates ranging between 14% and 15%. He also noted the Central Bank of Egypt’s approach of waiting for clearer conditions before making decisions about raising interest rates, with the aim of reaching the inflation target of 7% by a predetermined date. An agreement has been reached on the review, paving the way for the disbursement of approximately $1.5 billion as part of the IMF program.
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