The International Monetary Fund will begin the fourth review of Egypt's economic reform program next Tuesday, according to Mostafa Madbouly, Egyptian Prime Minister, during a press conference held today in Cairo with the Director General of the International Monetary Fund, Kristalina Georgieva.
Completing this review allows for the disbursement of a $1.3 billion tranche of the Fund’s loan, which represents the largest among the various tranches, according to previous statements by an official at the international institution.
During today's press conference, Kristalina Georgieva expected that Egypt's economic growth would reach 4.2% during the current fiscal year, with the support of the reforms taken by the Egyptian government, including increasing the role of the private sector in creating job opportunities and enhancing social protection.
Egypt, with a population of more than 106 million people, agreed in March to increase the value of the loan agreement with the Fund to $8 billion, as part of the basic pillars of a broad global rescue operation for its economy, as it had been suffering since early 2022 from a severe foreign exchange crisis. Since then, the authorities have imposed sharp cuts in subsidies for fuel, bread and electricity, increasing pressure on already struggling consumers.
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