Egypt has reached a staff-level agreement with the International Monetary Fund (IMF) for the fifth and sixth reviews of its economic reform programme, Prime Minister Mostafa Madbouly said on Wednesday.
Speaking during a weekly press conference at the government headquarters in the New Administrative Capital, Madbouly stated that the Egyptian economy has achieved noticeable growth led by the private sector. He added that structural reforms have resulted in a significant improvement in financial and economic indicators, providing a motivating future outlook for investment.
The Prime Minister noted that the government is working to provide further opportunities for the private sector while maintaining full commitment to competitive neutrality. The agreement with the IMF bolsters confidence in the ability of the Egyptian economy to complete its reform path and achieve sustainable growth, Madbouly said.
Finance Minister Ahmed Kouchouk told the press conference that negotiations with the IMF were “very positive” and reflected the country’s strong financial results and the latent capabilities within the Egyptian economy.
Efforts to expand the tax base have increased revenues by 35% without imposing additional burdens on the business community, Kouchouk said. He added that tax and customs facilitation packages are driving trust and partnership with the private sector and have received a strong response internationally.
“We are continuing to adopt balanced financial policies that are more incentivising for investment, production, and exports,” Kouchouk said. He stated that the state’s top priority is to reduce the debt and burdens of budget-funded bodies in a “significant and impactful” manner during the coming period.
The Finance Minister said the government is working to reduce its financing requirements and increase state resources to improve services provided to citizens. This includes an expansion in targeted social spending, with increased allocations for health, education, and cash support programmes.
