The agreement between Egypt’s finance minister, Mohamed Moait, and the IMF over the new program’s components has been finalised at the expert level, Moait said, adding that it will soon be revealed.
“On the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Washington, highly successful bilateral discussions were held with the specialists of the IMF, and significant progress has been made in all policies.
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Moait added, on the sidelines of his participation in the annual meetings of the International Monetary Fund and the World Bank in Washington: “We continue to efforts to control the state’s public financial conditions, to preserve economic gains, through the sustainability of reducing public debt rates of the local product in the medium term, especially since we have succeeded during the past fiscal year.
Despite inflationary pressures on the global stage and a lack of confidence in the markets, encouraging signs have been recorded.
He said, “Egypt was one of the few emerging-market nations to reach a preliminary surplus in the most recent fiscal year of 1.3% of GDP, a growth rate of 6.6%, an increase in tax revenues of roughly 19% annually, and a reduction in the budget deficit from 13% to 6.5%.
1% in the previous fiscal year, 6% in the current fiscal year, 4% in the fiscal years of 2026 and 2027, and a reduction in the debt ratio from 103% in June 2016 to 87.2% in June 2022.
“They are continuing to increase public spending efficiency and ensure the best possible use of state resources, improve the budget structure, and increase financial transparency, in a way that contributes to achieving economic and development targets, and work to reduce the negative effects of global economic conditions on citizens’ standard of living, and upgrade the services provided to them, and expanding financial and str
“Reporter: RT.
Egypt: The International Monetary Fund and the agreement on the program’s components will shortly be finalised, and an announcement will be made.
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