IMF approval of Egypt’s reforms ‘vote of confidence’ – minister
Egypt to receive IMF's $820m tranche 'within coming days'
The International Monetary Fund (IMF) board’s approval of Egypt’s economic reform programme during the third review is a ‘vote of confidence’ in the government’s reform and economic objectives, said Finance Minister Ahmed Kouchouk on Tuesday.
The IMF Executive Board completed late Monday the third review under the Extended Arrangement under the Extended Fund Facility (EFF) for Egypt, allowing the authorities to draw the equivalent of about $820 million (SDR 618.1 million).
The decision is a “message of reassurance” regarding Egypt’s capacity to stabilise its economy, meet financial and developmental goals, and strengthen social protection programmes, Minister Kouchouk said, expecting the country to receive the third tranche of the IMF’s EFF “within coming days.”
The approval reflects the IMF’s confidence in Egypt’s ability to enhance economic stability and achieve its financial and developmental goals despite global and regional challenges, including geopolitical tensions, rising prices due to supply chain disruptions, and increased financing costs, the minister added.
He highlighted that Egypt’s fiscal performance has shown resilience amid these pressures and that the government is committed to reducing debt-to-GDP ratios in the medium term.
The government’s financial policies aim to increase spending on health, education, and social protection while continuing structural and corrective economic reforms to boost private sector growth and investment.
Kouchouk also noted that the reforms are designed to improve the business environment and tax system, thereby stimulating private investment and enhancing the private sector’s role in Egypt’s economy.
Attribution: The Egyptian Cabinet
