The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, is currently in Egypt to discuss the ongoing economic reform program and explore ways to further support the country.
Egypt secured a $8 billion loan program from the IMF in March 2023 to address its economic challenges, including high inflation and foreign currency shortages. The program is contingent on the implementation of various economic reforms, such as fuel subsidy cuts and tax increases.
During her visit, Georgieva will meet with Egyptian officials to assess the progress made on the reform program and discuss potential adjustments to the timeline and targets. The Egyptian government has expressed concerns about the impact of global economic conditions and regional geopolitical tensions on its economy.
Egypt’s Finance Minister, Ahmed Kouchouk , said on Sunday that Egypt hopes for constructive and positive talks with the International Monetary Fund (IMF) as it prepares for the fourth review of Egypt’s economic programme. Kouchouk was speaking at the close of the annual IMF/World Bank meetings which took place from 21-26 October in Washington. On completion of the fourth review, Egypt anticipates $1.3 billion of financing.
Cairo is also expected to host IMF Managing Director Kristalina Georgieva. Speaking during a press conference on October 24, she said she would visit Egypt in around 10 days to see for herself what is happening in the country and “look into the support of the Fund from the perspective of what is best for the Egypt”.
The IMF’s recent Regional Economic Outlook report for the Middle East and Central Asia forecasts a decline in Egypt’s inflation rate to 16% by June 2025. However, the report also highlights challenges such as investor confidence, foreign exchange shortages, and geopolitical tensions that could hinder economic growth.
As Egypt continues its economic reform efforts, the IMF’s support and guidance will be crucial in ensuring the country’s long-term economic stability and prosperity.
