Egypt's PM: No New Burdens on Citizens Until IMF Program Ends

Egypt’s Prime Minister Mostafa Madbouly said on Wednesday that there will be no new financial burdens on Egyptian citizens until the end of the country’s economic reform program with the International Monetary Fund (IMF), firmly denying speculation about new austerity measures.

Speaking at the government’s weekly press conference following a Cabinet meeting in the New Administrative Capital, Madbouly highlighted the IMF’s completion of the fifth and sixth reviews of Egypt’s reform program as the most important recent economic development. The briefing was attended by Finance Minister Ahmed Kouchouk, who is set to provide a detailed explanation of the review outcomes.

Madbouly explained that the IMF program is scheduled to conclude within a year, and that the latest phase focused on assessing targets for the fifth and sixth reviews, as well as agreeing on benchmarks for the remaining seventh and eighth reviews.

He urged the public to carefully read the IMF’s report, noting that it praised Egypt’s stabilization efforts, citing strong economic growth indicators, a marked improvement in the balance of payments, and a decline in the current account deficit despite global challenges.

“These assessments matter,” he said, “because global investors rely on IMF evaluations when deciding where to direct their investments.”

Addressing widespread social media speculation, Madbouly stressed that no new measures affecting citizens have been agreed upon with the IMF.

“I say this with complete clarity: the targets agreed upon until the end of the program do not include anything that impacts the Egyptian citizen,” he said. “There are no new burdens in the energy sector, neither fuel nor gas. These corrective measures were already taken previously.”

Rating Agencies

Madbouly also pointed to a recent Moody’s report, which praised Egypt’s economic trajectory, highlighting a sharp decline in inflation to 12.5% year-on-year, exchange rate flexibility, and a significant reduction in the current account deficit, as well as economic recovery with expectations of stronger growth ahead.

“When these assessments come from international institutions that once criticized Egypt, they deserve serious consideration,” Madbouly said, adding that they reflect growing global confidence in the Egyptian economy.

Remittances

The prime minister revealed that from Egyptians abroad reached nearly $34 billion in the first ten months, up from $23.7 billion during the same period last year.

Non-oil merchandise exports are expected to grow by more than 20% in 2025 compared to 2024.

Tourism also recorded a strong rebound, with 18.8 million tourists visiting Egypt in 2025, up from around 15 million in 2024. Madbouly reaffirmed the government’s target of attracting 30 million tourists by 2030, with even higher ambitions extending to 2040.

To support this growth, the government is reviewing airport operations and national airlines, with plans to double the aviation fleet within two to three years.

Major Hotel and Urban Redevelopment Projects

Madbouly highlighted the signing of a management contract for the rebuilt InterContinental Opera Square Hotel, which will be operated by India’s luxury hotel group Taj, while preserving the building’s historic character.

He also noted progress on transforming the former Interior Ministry headquarters in Lazoghly into a Marriott hotel, alongside business, cultural, and entertainment facilities—part of a broader plan to repurpose historic government buildings vacated after the move to the new capital.

Productive Sectors

The government’s economic strategy for the coming period centers on industry and exports, tourism, ICT, and agriculture, with sector-specific ministerial committees setting annual targets through 2030 to ensure sustainable growth.

In the Suez Canal Economic Zone, Madbouly said recent contracts with new investors exceed $1.15 billion, with major factory openings—particularly in solar energy manufacturing—expected early next year.

“This is how Egypt is seen today,” Madbouly said. “A country moving forward with confidence, stability, and growing international trust.”