Egypt, IMF review progress on economic reform, structural transformation

Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib and Minister of Finance Ahmed Kouchouk held a joint meeting with the International Monetary Fund (IMF) delegation to assess the progress of Egypt’s economic reform programme, with a focus on fiscal and structural policy implementation.

El-Khatib outlined the government’s latest steps to advance non-tax reforms, including efforts to consolidate administrative fees, reduce the burden on businesses, and streamline interactions between investors and government bodies. He announced the launch of a new electronic platform to simplify licensing procedures. He said work is underway on a more advanced one-stop-shop digital system to further improve the ease of doing business.

El-Khatib also highlighted progress under the Business Ready initiative, which the ministry is leading in collaboration with local and international experts. The initiative focuses on legislative reform, procedural restructuring, and digital transformation. He revealed that a new independent unit has been established to manage the state’s divestment, alongside another unit dedicated to updating the governance of state-owned enterprises in preparation for potential IPOs.

Finance Minister Ahmed Kouchouk said the government is giving high priority to providing a suitable legislative framework to ensure the sustainability of ongoing economic reforms.

He noted that issuing relevant laws is a critical step in supporting the state’s efforts to unify fees and streamline licensing procedures.

Kouchouk added that the Ministry of Finance is working closely with authorities concerned to accelerate the issuance of these legislations, given their direct impact on improving the investment climate and boosting investor confidence, both local and international.

He stressed that implementing these laws would help accelerate growth and achieve the objectives of the reform programme in the medium and long term.

IMF Mission Chief Ivanna Vladkova Hollar welcomed recent signs of economic improvement in Egypt, citing stronger growth and lower inflation. She expressed optimism about the country’s reform trajectory but stressed the importance of maintaining momentum and safeguarding the gains achieved.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama