IMF Talks with Egypt "Positive", Reflect Strong Fiscal Results, Says Minister

Egypt’s Minister of Finance Ahmed Kouchouk, said on Wednesday that negotiations with the International Monetary Fund (IMF) have been highly positive, reflecting the strong financial performance and underlying potential of the Egyptian economy.

Speaking during the government’s weekly press conference at the Cabinet headquarters in the New Administrative Capital, Prime Minister Mostafa Madbouly announced that Egypt has reached a staff-level agreement with the IMF on the fifth and sixth reviews of the country’s economic reform program.

Madbouly noted that Egypt’s economy has recorded notable growth driven primarily by the private sector, adding that ongoing structural reforms have resulted in a significant improvement across key fiscal and economic indicators, supported by a more investment-friendly outlook.

He stressed that the government remains committed to expanding opportunities for the private sector while ensuring full competitive neutrality, emphasizing that the agreement with the IMF reinforces confidence in Egypt’s ability to stay the course on reform and achieve sustainable, long-term growth.

Kouchouk said that discussions with the IMF reflect “the solid financial results achieved so far and the real capabilities of the Egyptian economy.”

He highlighted that recent tax and customs facilitation packages have strengthened trust and partnership with the private sector and have also received positive international recognition.

Kouchouk revealed that efforts to broaden the tax base have led to a 35% increase in revenues, achieved without imposing any additional burdens on the business community.

The finance minister reaffirmed that Egypt will continue to pursue balanced fiscal policies that support investment, production, and exports, while prioritizing a significant and effective reduction in public debt and budgetary pressures in the coming period.

“We are working to reduce the government’s financing needs and increase state resources,” Kouchouk said, adding that this approach will allow for improved public services, expanded well-targeted social spending, and increased allocations for healthcare, education, and cash support programs.