Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

IMF's Mission to Egypt Ends Visit, Continues Virtually to Determine Additional Support Value

Fri 02 Feb 2024 | 09:41 PM
The International Monetary Fund IMF
The International Monetary Fund IMF
Taarek Refaat

A press release issued by the IMF following the end of the delegation's visit to Egypt, Ivana Vladkova Hollar said that the IMF team and the Egyptian authorities had made excellent progress in discussions related to the comprehensive policy package necessary to reach an agreement at the expert level for the first and second reviews of the economic reform program. 

The IMF team and the Egyptian authorities agreed on the main policy elements of the program.

The authorities expressed their strong commitment to take immediate action on all important aspects of the country's economic reform program, according to the Fund's statement.

The statement continued: The IMF team and the Egyptian authorities also agreed on the critical importance of enhancing social spending to protect vulnerable groups, noting that this is important to ensure appropriate living conditions for low- and middle-income families affected by rising prices.

It added that the mission and the authorities will continue online discussions in the coming days to finalize the economic and financial policy memorandum on the agreement, as well as determining the amount of additional support from the fund and other bilateral and multilateral development partners necessary to help fill Egypt’s deficit in the context of recent shocks.

Finally, the mission thanked the Egyptian authorities for her hospitality and constructive dialogue.