Thursday 19 backend.Sep
Ahmed Kouchouk, Minister of Finance, said that the approval of the International Monetary Fund's Board of Directors for the third review of Egypt's economic reform program signifies a strong vote of confidence in the government's policies. The IMF's decision underscores the success of the government's financial and economic reforms, as well as its commitment to achieving key targets. This positive assessment also reassures investors about the Egyptian economy's growing stability and its capacity to deliver on financial, development, and social protection goals.
The minister anticipates
receiving the third tranche of the economic reform program, amounting to $820
million, in the coming days. The IMF's approval of the third review underscores
the resilience of Egypt's public finances amid global economic headwinds.
Despite geopolitical tensions, supply chain disruptions, soaring inflation, and
increased financing costs, the government has demonstrated fiscal flexibility
and cohesion.
The minister added that the
Egyptian government delivered strong budget performance in the previous fiscal
year and has set ambitious targets for the current year, despite facing
significant economic challenges and a challenging external environment. He
emphasized the government's commitment to implementing a comprehensive strategy
to lower the debt-to-GDP ratio over the medium term.
Kouchouk stated that financial policies are being used to create fiscal space for increased spending on essential services such as health, education, and social protection, while easing the burden on citizens. He emphasized the ongoing structural and corrective economic reforms aimed at empowering the private sector as the engine of growth. To achieve this, the government is focused on improving the business environment, streamlining the tax and customs systems, and attracting increased private investment to bolster the Egyptian economy.
