Gov’t: IMF’s approval of new support package reflects confidence in Egypt’s ability to meet int’l obligations

by Asmaa Elwahy

Gov’t: IMF’s approval of new support package reflects confidence in Egypt’s ability to meet int’l obligations

The International Monetary Fund’s (IMF) recent approval of Egypt’s comprehensive national economic reform program is a further confirmation of the international community and development partners’ support for the national economic reform program, the government said Saturday 17/12/2022.

This approval also demonstrates the government’s confidence in the country’s ability to meet its international obligations while achieving targeted economic growth, according to a statement released by the Cabinet media center.

The government’s remarks were made in its announcement of the approval given by the IMF board yesterday for a program agreed upon by the IMF executive board and the Egyptian State represented by the government and the Central Bank of Egypt (CBE) regarding a four-year comprehensive national economic reform program.

It went on to say that the IMF board’s approval of an expert report agreed upon by the government and CBE in October, with no additional terms or burdens, is a positive sign for both domestic and foreign markets, providing a strong impetus for investments and international trade with Egypt.

The IMF Executive Board approved a 46-month arrangement under the Extended Fund Facility (EFF) for Egypt in an amount of about US$3 billion.

Egypt’s IMF-supported program lays out a comprehensive policy framework to maintain macroeconomic stability, replenish buffers, and pave the way for inclusive and private-sector-led growth.

The package includes a monetary policy aimed at gradually reducing inflation, fiscal consolidation to ensure a downward public debt trajectory while enhancing social safety nets to protect the vulnerable, and wide-ranging structural reforms to reduce the state footprint and strengthen governance and transparency.

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