Egypt Looking Forward to IMF Approval of Third Review, Says Finance Min.

Egyptian Finance Minister Ahmed Kouchouk said that Egypt is dealing with complex geopolitical repercussions with great balance, within the framework of a comprehensive program to improve economic performance.

The minister said that the Egyptian government looks forward to the approval of the Board of Directors of the Fund for the third review of the Egyptian economic reform program, scheduled for July 29.

He added in a statement on Saturday: "We aim to continue the upcoming reviews successfully, and work on the path to obtaining financing from the Resilience and Sustainability Fund."

Kouchouk explained during his meeting with the Managing Director of the International Monetary Fund Kristalina Georgieva on the sidelines of the G20 meetings in Brazil, that Egypt is committed to achieving financial discipline in order to put the path of the budget agencies' debt to the GDP on a downward path, and aims to create sufficient financial space to allow for increased spending on education, health and social protection, as well as reducing inflation rates.

He stressed the Egyptian government's keenness to push forward structural reforms and boost private investments in the fields of renewable energy, technology, water desalination and infrastructure, noting that it is working on the consistency of economic policies by setting a ceiling for total public investments, government guarantees and the ratio of general government debt to GDP.

The Executive Board of the International Monetary Fund had added the discussion of the third review of the Fund's extended loan program for Egypt, amounting to $8 billion, to its agenda at the meeting scheduled for July 29.