Egypt’s Negotiations with IMF on New Loan Proceeding at Steady Pace, Says Finance Min.

Mohamed Maait, Minister of Finance said that negotiations with the International Monetary Fund to obtain a new loan are proceeding at a steady pace, explaining that the ministry has made great strides with the Fund regarding these negotiations.

In a press statement on the sidelines of the General Assembly of the African Reinsurance Company, he explained that the government will work during the coming period to take some necessary reform measures to encourage attracting local and foreign investments.

It is noteworthy that the International Monetary Fund, yesterday, Tuesday, maintained its forecast for the growth of the Egyptian economy during the current year at 5.9% while reducing its estimates for the growth of the global economy from 3.6% to 3.2%.

In its July update of the World Economic Outlook, issued today, the Fund expected that the Egyptian gross domestic product (GDP) in 2023 would register a growth of 4.8%.

The fund had raised its expectations in the last April report by 0.3% to reach 5.9%, compared to 5.6% in the January update.