On October 15, 2022, in Cairo, Mr.
IMF staff and the Egyptian government “have held very productive in-person discussions on the margins of the IMF and World Bank Annual Meetings and made substantial progress on all policies,” according to Gerry Rice, director of communications at the IMF. “A continued fiscal consolidation path that will safeguard public debt sustainability and ensure a steady decline of the debt-to-GDP ratio over the medium term.”
Additional fiscal and related structural policies that would further expand the social safety net for the most vulnerable, improve the budget composition, and enhance fiscal transparency. “Monetary and exchange rate policies that would anchor inflation expectations, improve monetary policy transmission, improve the functioning of the foreign exchange market, and bolster Egypt’s external resilience. Egypt would be able to steadily and sustainably restock its foreign reserves as a result.
Implementing the comprehensive structural reform agenda of the authorities would “gradually increase the competitiveness of the economy, reduce the role of the state in the economy, level the playing field for the private sector, improve the business climate, and foster transition to a greener economy.” The Egyptian government and IMF staff have agreed to complete their work and conclude a Staff-Level Agreement as soon as possible.
a statement issued by the IMF.
IMF and Egypt concur to complete work on a Staff-Level Agreement as soon as possible.
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