
IMF adjusts Egypt's primary balance surplus for FY2025/26 downward at 4% of GDP
The projection is 0.5% lower than the previous program commitments. However, the IMF projects the primary balance surplus to rise to 5% of GDP in FY 2026/2027.
The debt-to-GDP ratio is forecast to follow a downward trajectory. This is driven by primary surpluses being sustained, favorable interest-growth differentials persisting, and half of aggregate divestment inflows continue to be allocated to debt reduction.
The IMF commented: 'The progress toward fiscal consolidation in the first half (H1) of FY2024/2025 was less strong than initially projected under the program despite strong growth in tax revenue collections.'
'The authorities are taking steps to contain spending in the second half of the fiscal year, to ensure that the end-year fiscal target for FY 2024/2025 is met,' the fund added.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags

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

Zawya
3 hours ago
- Zawya
ExxonMobil Partners with African Energy Week (AEW) 2025 as Diamond Sponsor – Showcasing Major Investments, Youth Science, Technology, Engineering and Mathematics (STEM) Africa Initiatives, and Highlighting Women in Energy
As a Diamond Sponsor at AEW, ExxonMobil reaffirms its long-standing commitment to Africa's energy future through ambitious new investments, frontier exploration and impactful educational programs. The company will take a central role in shaping dialogue on the continent's upstream outlook, LNG development and the transition to more inclusive energy systems. As the world's largest publicly listed, private integrated energy company, ExxonMobil continues to be a leader in the frontier exploration space and deepen its footprint in Africa through a series of forward-looking, high-impact initiatives. In Nigeria, the company looks to make significant investment in the deepwater as part of a broader strategy to help increase national output. This comes on the heels of sustained production efforts at the Erha and Owowo fields, underlining the company's strategic focus on optimizing existing deepwater assets. Further south, ExxonMobil is maintaining production from the prolific Kizomba deepwater development in Angola's Block 15, where it recently signed a Production Sharing Contract (PSC) extension with the Angolan National Agency of Petroleum, Gas and Biofuels (ANPG), extending operations until 2037. The company also renewed its PSC for Block 17, in partnership with TotalEnergies to ensure continued production from key offshore Block 17 fields. In East Africa, ExxonMobil is making headway with the long-anticipated Rovuma LNG project in Mozambique's Area 4. The project – expected to reach a final investment decision in 2026 – aims to bring an additional 18 million tons per annum (MTPA) of LNG to market, building on Mozambique's emergence as a key global gas supplier. Beyond upstream operations, ExxonMobil is also investing in long-term capacity-building through the ExxonMobil Foundation's STEM Africa program. Launched in 2024, the program partners with Junior Achievement Africa to deliver immersive science, technology, engineering and mathematics (STEM) education to students in Nigeria, Namibia, Angola and Mozambique. In its first year alone, the program reached over 3,000 students – 96% of whom expressed interest in pursuing STEM careers. In recognition of its impact, STEM Africa was awarded the Local Impact Award at the Big Five Board Awards in London earlier this month. 'ExxonMobil's role as a Diamond Sponsor at AEW 2025 is a testament to their bold, future-focused investments – from revitalizing offshore oilfields in Nigeria and Angola to advancing LNG capacity in Mozambique and exploring new frontiers in Africa's Atlantic Coast,' states NJ Ayuk, Executive Chairman of the African Energy Chamber. 'Their STEM Africa initiative demonstrates an equally strong commitment to building local talent and empowering young Africans to lead tomorrow's energy industry. This is the kind of strategic partnership Africa needs.' AEW 2025: Invest in African Energies will provide a premier platform for ExxonMobil to engage with African governments, investors, and stakeholders as the continent accelerates toward energy security and industrial growth. With a broad and growing portfolio, ExxonMobil continues to lead Africa into its next era of energy development. Distributed by APO Group on behalf of African Energy Chamber. About African Energy Week: AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.


Khaleej Times
4 hours ago
- Khaleej Times
UAE Central Bank maintain benchmark interest rate
The UAE Central Bank on Wednesday announced that it maintained its benchmark rate. In a statement, the Central Bank said it was maintaining its Overnight Deposit Facility at 4.4 per cent. The decision was taken after the US Federal Reserve maintained its benchmark rate at 4.25-4.5 per cent. The UAE follows US monetary policy as the dirham is pegged to the US dollar.


The National
5 hours ago
- The National
President Sheikh Mohamed and India's Modi explore ways to bolster ties
President Sheikh Mohamed and Indian Prime Minister Narendra Modi reviewed efforts to strengthen ties under a strategic partnership in place between the nations in a phone call on Wednesday. The two leaders spoke of their desire to promote sustainable development for their countries during the talks, state news agency Wam reported. Sheikh Mohamed congratulated Mr Modi on becoming the second longest-serving prime minister in India's history. Mr Modi, 74, came to power in May 2014 and won a third consecutive term following national elections in June 2024. He has overtaken former prime minister Indira Gandhi, who served from January 1966 to March 1977. India's longest-serving prime minister is Jawaharlal Nehru, who was in office from August 15, 1947, to May 27, 1964. India and the UAE enjoy a deep-rooted friendship that dates back to the formation of the Emirates. The UAE is home to more than 3.5 million Indians, the largest expatriate community in the country. The UAE and India in April signed eight initial pacts across sectors from logistics to health care that are aimed at boosting economic ties. The preliminary agreements also cover industries including infrastructure, higher education, maritime services, logistics and private sector engagement. They were signed during the official visit to India by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence.