IMF Concludes Egypt's Fourth Review

The Executive Director and Member of the Board of Executive Directors of the International Monetary Fund (IMF) Mohamed Maait said that the fourth review regarding the Egyptian negotiations with the fund has been completed, and an agreement has been reached at the expert level.

He explained in recent statements that "all that remains is to set a date for the meeting, and this will be done soon, and thus the fourth review will be finally completed."

He continued: "The program has a time period, which ends at the end of next year, and every time period there is a review, and with the review there is a payment of the required amount." He pointed out that economic matters in Egypt are moving in a positive direction, and the indicators issued by inflation show a decrease, and there is an increase in growth rates.

The positive outlook comes in light of the challenges faced by the Egyptian economy, especially in light of the geopolitical situation and its significant negative impact on the Egyptian economy. "Maait" said that "this is the outlook that I believe international rating and financing institutions are currently looking at the Egyptian economy with."

He continued: "These institutions always look at the challenges and influences that affect the program or plan in place. For example, everyone is fully aware that the Suez Canal, which has lost more than 60% of its revenues in hard currency, has negative effects, and therefore the economy's ability to deal with these challenges is taken into consideration, from the beginning of the Corona pandemic to the Gaza war and the region."

He said, "There is a state of anxiety and fear about the impact of the global situation on developing countries and emerging markets, not only in the ability to pay debts, but the ability to continue production, create job opportunities, human development, reduce poverty rates and improve the standard of living."

Regarding the expected social welfare package, the official spokesman for the Egyptian Cabinet, Counselor Mohamed Al-Homsany, said that the government is studying the social package that Dr. Mostafa Madbouly, Prime Minister, spoke about, so that its details and timing will be determined.

He explained that once the social package is approved in the coming weeks, it will be announced, and the date for starting its implementation will be determined and the details related to it will be announced.