Thursday 26 Dec
Sources reported on Wednesday that Egypt is set to receive a $1.2 billion disbursement from the International Monetary Fund (IMF) as part of its ongoing support program. This follows the successful completion of the fourth review under the program.
The IMF's Executive Board approved the disbursement, acknowledging the challenging economic conditions facing Egypt both domestically and internationally. The agreement emphasizes the need for continued fiscal discipline to create space for crucial social programs that support vulnerable populations and the middle class.
Key objectives include boosting
domestic revenue, improving the business environment, and facilitating a
greater role for the private sector in the economy. The review also commended
Egypt's progress on exchange rate reforms, including the liberalization and
unification of the exchange rate, which successfully eliminated the parallel
market.
The fourth review commenced after President Abdel Fattah El-Sisi reiterated his commitment to minimizing the impact of the IMF program on Egyptian citizens. Following this statement, Kristalina Georgieva, Managing Director of the IMF, visited Cairo, followed by the arrival of the IMF review team.
