IMF, Egypt make progress on 5th review talks under EFF
An International Monetary Fund (IMF) staff mission concluded its visit to Cairo, which took place from May 6th to 18th, after holding constructive discussions with Egyptian authorities on the country's economic and financial policies under the Extended Fund Facility (EFF) arrangement, the IMF announced.
Led by IMF Chief Mission Vladkova Hollar, the visit yielded 'good progress' toward assessing Egypt's economic performance and the implementation of its policy commitments.
However, talks will continue virtually to finalize the remaining policy elements required for the completion of the fifth review.
'Egypt has made substantial progress toward macroeconomic stability,' Hollar said in a statement following the mission.
She noted that growth is expected to strengthen further, with the IMF raising its forecast for fiscal year (FY) 2024/2025 to 3.8%, reflecting stronger-than-expected performance in the first half (H1) of the year.
The IMF welcomed Egypt's fiscal discipline, especially the improved oversight of large public infrastructure projects, which has helped keep total public investment spending within limits set for July to December 2024.
Hollar praised the government's recent reforms to modernize tax and customs procedures, noting that they are starting to yield positive results.
She emphasized the importance of further revenue mobilization through broadening the tax base and streamlining exemptions to enable greater spending on development and social priorities.
The fund also commended Egypt's work on a medium-term debt management strategy aimed at improving fiscal transparency and easing the burden of debt service.
With macroeconomic stabilization taking hold, the IMF stressed the need for deeper structural reforms. The IMF also underlined the importance of improving the business environment to support long-term resilience and job creation.
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