Egypt anticipates IMF’s approval of 3rd review – FinMin

Egypt’s Finance Minister Ahmed Kouchouk is optimistic about the International Monetary Fund (IMF) Executive Board’s approval of the third review of the country’s Third Review Under the Extended Arrangement Under the Extended Fund Facility in its meeting scheduled for July 29. He also noted the country’s resolve to secure financing from the Resilience and Sustainability Facility.

In a meeting with Kristalina Georgieva, Managing Director of the IMF, on the side lines of the G20 meetings in Brazil, Kouchouk reiterated Egypt’s dedication to fiscal discipline to reduce the country’s budget deficit, enabling increased investment in education, healthcare, and social welfare, and to lower inflation rates, maintain price stability, enhance living standards, and boost business competitiveness.

The government’s upcoming priorities include boosting private sector investments, enhancing productive and export activities, and improving the business environment to attract foreign direct investment.

Kouchouk highlighted the country’s dedication to structural reforms and boosting private investment in renewable energy, technology, water desalination, and infrastructure.

Attribution: The Cabinet statement