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فيتو
IMF Approves $1.77B for Egypt after Reviews
The Prime Minister of Egypt, Dr. Mustafa Madbouly, affirmed that the International Monetary Fund’s decision to complete the seventh review of the Extended Fund Facility program and the second review of the Stand-By Arrangement reflects the international institutions’ confidence in Egypt's ongoing economic reform efforts. This decision enables Egypt to access immediate funding of approximately $1.77 billion, bringing the total funding received under both programs to about $7.3 billion. The report praised Egypt’s financial and economic performance, particularly its swift response to regional challenges, noting that the economy achieved real growth of 5.2% in the first nine months of the fiscal year. Despite external difficulties, the economy continues to recover, with the external sector remaining strong and international reserves increasing to over 119% of the adequacy standard. The report also highlights Egypt’s success in achieving a primary surplus and higher-than-targeted tax revenues. It encourages the continuation of structural reforms, especially enhancing the role of the private sector and improving the business environment, to support growth and employment.
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