International Monetary Fund (IMF) Mission Chief for Egypt Ivanna Vladkova Hollar lauded the country’s endorsement of the State Ownership Policy Document.
In a press conference held at the fund’s premises in Washington on Tuesday 10/1/2023, Hollar said Egypt’s adoption of a flexible exchange-rate regime will contribute to stabilizing the foreign exchange market and preserving the country’s foreign reserves.
She also praised Egypt’s plans, which increased exports, maintained foreign cash reserves, strengthened local production, and secured jobs.
Earlier today, the IMF expected Egypt’s economy will grow by 4% in the 2022/2023 current fiscal year (FY), 5.3% in the fiscal year 2023/2024, and 5.7% in the fiscal year 2024/2025.
The IMF also projected the annual core inflation rate to decrease by 7% by the fiscal year 2024/2025 and the State budget to achieve a 2.1% surplus of GDP.
The IMF stated the loan agreement reached with Egypt aims to stimulate economic growth led by the private sector, stabilize the foreign exchange market and maintain price stability to absorb external shocks.
In December 2022, Egypt has reached a 46-month staff-level agreement with the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) to receive a loan worth about $3 billion.