IMF: Egypt Sees Significant Improvement in Economic Indicators

Julie Kozack, Director of the International Monetary Fund's Communications Department, commended the Egyptian government's efforts on Friday, stressing that Egypt has made remarkable progress in its macroeconomic reform program, with a marked improvement in inflation rates and foreign exchange reserves.

In a press statement today, Kozack stressed the Fund's continued commitment to supporting Egypt in its efforts to build economic resilience and promote higher private sector-led economic growth.

She noted that discussions on the policies and reforms necessary to complete the fifth review of the cooperation program between Egypt and the Fund are still ongoing.

In response to a journalist's question about the latest developments in the fifth review, she explained that the mission team has concluded its field discussions, and meetings will continue virtually to reach a final agreement on the remaining policies and reforms that will support the completion of the fifth review.

She noted that a team of IMF experts held fruitful discussions with the Egyptian authorities a few weeks ago on the performance of economic policies under the Extended Fund Facility program.

She explained that with Egypt's macroeconomic stability increasing, efforts should now focus on accelerating and expanding reforms. These reforms aim to reduce the state's role in economic activity, ensure equal opportunities for all, and improve the overall business climate.