
IMF reaffirms support as Egypt advances 5th EFF review, IMF Mission concludes Cairo visit
Cairo – May 25, 2025: The International Monetary Fund (IMF) has affirmed its continued backing for Egypt as the country works through the fifth assessment of its $8 billion Extended Fund Facility (EFF) agreement.
Earlier this month, an IMF delegation traveled to Cairo to engage in talks with Egyptian officials concerning the review, which, upon completion, could lead to the release of a $1.2 billion installment.
This marks the second review following the program's expansion in March, when its total value was raised from $3 billion to $8 billion.
'The Fund remains committed to supporting Egypt in building its economic resilience and fostering higher private sector-led growth,' said Julie Kozack, the IMF's Communications Director, during a recent briefing.
She noted that Egypt has made 'clear progress on its macroeconomic reform program, with notable improvements in inflation and foreign exchange reserves.'
Kozack explained that IMF staff have spent the past few weeks in 'productive discussions with the Egyptian authorities on economic performance and policies under the EFF.' While the field portion of the mission has concluded, virtual meetings will continue in order to finalize policy agreements necessary to complete the review.
'The mission finished discussions in the field, and the meetings will continue virtually to finalize agreement on remaining policies and reforms that could support completion of the Fifth Review,' she stated.
Looking ahead, Kozack emphasized the importance of structural reforms to ensure Egypt's economic momentum continues. 'As Egypt's macroeconomic stabilization is taking hold, efforts must now focus on accelerating and deepening reforms that will reduce the footprint of the state in the Egyptian economy, level the playing field, and improve the business environment.'
The fifth review comes at a critical time for Egypt, as it approaches the end of its fiscal year in June while grappling with regional and global economic challenges. Completion of the review is a key step toward securing further IMF support and reinforcing investor confidence.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Daily News Egypt
7 hours ago
- Daily News Egypt
Local liquidity in Egyptian banking sector rises to EGP 12.684trn in April: CBE
The Central Bank of Egypt (CBE) reported a rise in local liquidity across the banking sector, which reached EGP 12.684trn in April 2025, up from EGP 12.566trn in March. According to the CBE's latest report, the money supply stood at EGP 3.170trn in April, slightly down from EGP 3.209trn the previous month. Cash in circulation outside the banking system also dipped marginally to EGP 1.292trn from EGP 1.296trn in March. Meanwhile, total non-governmental deposits in local currency increased to EGP 8.270trn in April, compared to EGP 8.195trn in March. Demand deposits in local currency declined to EGP 1.878trn, down from EGP 1.912trn, while time deposits and savings certificates rose to EGP 6.392trn from EGP 6.283trn. Breakdowns of local currency time deposits and savings certificates by sector reveal that the public business sector held EGP 77.193bn, the private sector EGP 302.683bn, and the household sector a substantial EGP 6.012trn. For demand deposits, the public business sector accounted for EGP 111.065bn, the private sector EGP 1.021trn, and households EGP 745.9bn. In foreign currency, non-governmental deposits at local banks rose to the equivalent of EGP 3.121trn in April, up from EGP 3.074trn in March. Demand deposits in foreign currencies amounted to EGP 766.662bn, while time deposits and savings certificates reached EGP 2.354trn. The public business sector held around EGP 49.981bn in foreign currency demand deposits, the private sector EGP 507.175bn, and the household sector EGP 209.864bn. In terms of foreign currency time deposits and savings certificates, the public business sector held EGP 148.218bn, the private sector EGP 538.134bn, and the household sector approximately EGP 1.668trn. On the external front, the CBE reported that net foreign assets of the Egyptian banking system stood at $13.5bn (EGP 687.723bn) in April, slightly down from $15.05bn (EGP 760.839bn) in March. Total foreign assets across the banking system—including the CBE and commercial banks—rose to EGP 3.963trn, compared to EGP 3.894trn a month earlier. However, this was offset by a rise in total foreign liabilities, which increased to EGP 3.275trn from EGP 3.133trn.


Mid East Info
7 hours ago
- Mid East Info
UAE Accelerates Digital Transformation with 344% Growth in GenAI Enrollments and Leading AI Maturity Ranking: Coursera
87% of UAE employers prioritize AI, big data, and tech literacy; Professional Certificate enrollments grow 41% Dubai, UAE –June 2025: Coursera, a leading online learning platform, has announced a remarkable 344% year-over-year increase in Generative AI (GenAI) enrollments in the UAE, significantly outpacing the MENA regional average of 128% and the global average of 195%, according to the platform's annual Global Skills Report. Now in its seventh year, the report also reveals that 87% of UAE employers prioritize technology literacy, AI, and big data, signaling a robust rise in demand for future-ready talent equipped with emerging tech capabilities. The Global Skills Report 2025 further confirms the UAE's strong progress in building a digitally skilled workforce. The country continues to lead the region in digital upskilling, with 13% of its labor force actively learning on Coursera. Professional Certificate enrollments also rose by 41%, including a 14% increase in cybersecurity, reflecting growing demand for job-relevant credentials. Drawing on data from Coursera's global community of over 170 million learners, the report identifies where skill proficiencies are rising, where gaps remain, and what drives learner behavior across more than 100 countries. The UAE's strong performance and sharp rise in GenAI enrollments highlights its strategic push toward building a knowledge-based economy powered by skilled Emirati talent, aligned with the 'We the UAE 2031' vision. New to this year's report is the AI Maturity Index, which assesses countries' readiness for AI by combining Coursera learner data with external metrics from the International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD). The UAE ranks first in the Arab world and 32nd globally out of 109 countries, showcasing a solid foundation in AI innovation, research, and the real-world application of AI skills. The UAE's strong AI Maturity ranking and accelerated GenAI adoption across sectors underscore its ambition to become a global AI hub. Initiatives such as the planned 5GW AI Campus and the integration of AI as a mandatory subject in public schools support this ambition and align with the UAE National Artificial Intelligence Strategy 2031, which aims to position the country as a global AI leader by 2031. These efforts are central to the UAE's broader goal of increasing the digital economy's contribution to over 20% of non-oil GDP by 2031, a target that reflects the country's long-term vision for digital and economic leadership. Kais Zribi, Coursera's General Manager for the Middle East and Africa, said: 'The UAE is rapidly scaling AI learning and infrastructure to drive workforce transformation and regional innovation. Its strong performance on Coursera's AI Maturity Index, combined with high rankings in overall skills proficiency, demonstrates the country's growing ability to close skill gaps, nurture future talent, and lead in AI readiness. As digital transformation reshapes industries, the UAE is setting a powerful example of how nations can leverage education to build a competitive, inclusive digital economy that prepares its workforce for the future.' The UAE ranks 38th globally in overall skills proficiency across business, technology, and data science, placing first in the Arab world. The country scores especially high in business skills (85%), with strong proficiency in technology (52%) and data science (59%). Among the 10.8 million Coursera learners in MENA, 1.3 million are based in the UAE, with a median age of 36. Notably, learners in the UAE are increasingly embracing mobile learning, with 41% accessing content via mobile devices. While these indicators show meaningful progress, challenges remain. 72% of UAE employers continue to cite skills gaps as a major barrier, above the global average. Closing these gaps will require increasing women's participation in emerging technology fields, which is essential not only for achieving gender equity but also for driving long-term economic transformation. Currently, women make up 32% of Coursera learners in the UAE, with 24% enrolled in STEM courses and 21% in GenAI, highlighting untapped potential to advance gender equity in the tech sector. About Coursera: Coursera was launched in 2012 by Andrew Ng and Daphne Koller, with a mission to provide universal access to world-class learning. It is now one of the largest online learning platforms in the world, with 175 million registered learners as of March 31, 2025. Coursera partners with over 350 leading universities and industry leaders to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera's platform innovations enable instructors to deliver scalable, personalized, and verified learning experiences to their learners. Institutions worldwide rely on Coursera to upskill and reskill their employees, citizens, and students in high-demand fields such as GenAI, data science, technology, and business. Coursera is a Delaware public benefit corporation and a B Corp.


CairoScene
11 hours ago
- CairoScene
When Sharks Collide: Robert Herjavec Meets Abdallah Sallam
StartupScene brings together Shark Tank America's Robert Herjavec and Egypt's Abdallah Sallam for a one-of-a-kind crossover conversation between two sharks who know how to spot a winner. Jun 09, 2025 What happens when the worlds of Shark Tank US and Shark Tank Egypt finally meet? In an exclusive for StartupScene in Cairo, we brought together Robert Herjavec, investor and longtime Shark on the hit American show Shark Tank, with Abdallah Sallam, President & CEO of Madinat Masr and one of the leading faces of Shark Tank Egypt. Together, they sat down for a wide-ranging conversation about startups, instincts, risks, deals that got away, and what it really means to back a founder. The chemistry was instant. The stories? Unfiltered. And the insights? Worth taking notes. From Robert's reflections on investing in founders who 'have something to prove,' to Abdallah's take on what makes a startup scale in the MENA region, this wasn't your average media interview. It was a genuine peer-to-peer exchange between two business minds who know what it means to put skin in the game. They talked candidly about what sets the Egyptian ecosystem apart, how entrepreneurs in emerging markets pitch differently, and why venture capital is as much about pattern recognition as it is about gut instinct. There were laughs, eye rolls, comparisons, and shared lessons from opposite sides of the globe - filmed right here in Cairo. This exclusive conversation marks a rare moment: the crossover of two global formats, two distinct markets, and two investors who rarely get a moment to just talk. No timers. No pitches. Just two sharks comparing notes - and giving us a front-row seat.