IMF: Egypt Committed to Economic Reforms to Enhance Investment Climate

International Monetary Fund (IMF) Mission Chief Ivanna Vladkova Hollar affirmed the Egyptian government's commitment to continuing to implement institutional, legislative, and digital reforms to enhance the investment climate and support sustainable economic growth.

This came on the sidelines of a meeting between the Ministries of Investment and Foreign Trade and Finance with an IMF mission. 

The meeting was held as part of the fifth review, follow-up on the economic reform program, and assessment of progress made on fiscal and structural policies in Egypt.

Hollar stated that the Egyptian economy has recently witnessed a significant improvement in growth rates and a decline in inflation rates, expressing optimism that these indicators reflect relative stability despite some temporary challenges.

In this context, the Egyptian government is currently working to consolidate and simplify administrative fees and burdens imposed on companies and reduce the number of government agencies dealing with investment projects, according to Minister of Investment Hassan Al-Khatib.

He added that the government has launched an electronic platform to unify and simplify licensing procedures, while working to develop a more advanced, unified digital platform that represents a "single window" model to facilitate doing business.

The Egyptian Minister of Investment revealed the existence of an independent unit responsible for monitoring and coordinating state divestments from economic activity, alongside another unit responsible for modernizing the governance of state-owned companies to ensure their readiness for IPOs.

Separately, the Egyptian Minister of Finance Ahmed Kouchouk addressed the government's efforts to unify fees and facilitate licensing procedures, explaining that an appropriate legislative framework is currently being developed to ensure the sustainability of ongoing economic reforms.

He emphasized that the Ministry is working closely with relevant authorities to ensure the expedited issuance of these legislations, which will have a direct impact on improving the investment climate and enhancing the confidence of local and international investors.