Wednesday 28/2025 – 12:36 am
The International Monetary Fund said that his visit to Egypt has ended, and that a team from the Fund headed by Ivana Vladkova Holar held direct discussions with Egyptian officials from May 6 to 18 in Cairo.
The International Monetary Fund announced today, Wednesday, the end of its visit to Cairo, led by Ivana Vladkova Hollar, which lasted during the period from 6 to 18 May, as he conducted fruitful discussions with the Egyptian authorities on economic and financial policies that may contribute to completing the fifth review within the “EFF Fund” agreement (EFF).
The statement stressed that the Egyptian Fund team and authorities have made good progress in assessing economic performance and implementing political obligations within the agreement, noting that the stability of the macroeconomic in Egypt is now taking root, which makes time the right to accelerate and deepen reform efforts in order to reduce the role of the state, equal opportunities, and improve the business environment.
The statement pointed out that the discussions will continue by default to complete the agreement on the remaining policies and reforms that would support the completion of the fifth review.
At the end of her visit, Vladkova Hollar indicated that the Egyptian authorities and the fund’s employees conducted constructive discussions that contributed to the advancement of artwork and political discussions in the framework of the fifth review.
She explained that Egypt has made significant progress towards achieving total economic stability, and that economic growth is expected to continue, as expectations were raised for the fiscal year 2024/2025 to 3.8%, based on the strongest performance than expected in the first half of the year.
She pointed out that the share of private investments increased from 38.5% in the first half of the fiscal year 2023/2024 to approximately 60% in the same period of the fiscal year 2024/2025.
She added that inflation increased slightly to 13.9% in April, but it is still in a declining path, while the current account deficit remains significant as a result of increasing imports and the decline in hydrocarbons and Suez Canal disorders, despite the strong performance of tourism, transfers and non -oil exports.
She emphasized that following a more cautious financial policy, including improving control and controlling the major public infrastructure projects, contributed to containing demand pressure, as public investment spending remained without the set for the period from July to December 2024.
The statement commended the recent efforts made by the authorities to update and simplifying taxes and customs to increase efficiency and enhance confidence, noting that these reforms began to bear positive fruits. He stressed the importance of continuing to mobilize local revenues by expanding the tax base and simplifying tax exemptions, to support the government’s ability to meet the priorities of development and social needs.
The statement also welcomed the efforts of the authorities in preparing a medium -term strategy for the administration of religion, aimed at promoting transparency and gradually reducing the cost of debt service in the general budget.
The Fund stressed that the stability of the total economy opens the way for the implementation of deeper reforms to increase the possibilities of growth, create high -quality jobs, reduce weaknesses, and increase the elasticity of the economy to shocks.
The statement stressed that reducing the role of the public sector in the economy decisively and ensuring equal opportunities for all economic actors should be a priority of policy, noting that the implementation of the state’s ownership policy and the asset exit program in the sectors that the state has pledged to reduce its existence will play a pivotal role in enabling the private sector to contribute more effectively in economic growth. He also stressed the importance of continuing efforts to improve the business environment.
