Latest news with #Hollar
Egypt Today
28-05-2025
- Business
- Egypt Today
Significant progress in stabilizing economy under EFF program says IMF in post-review statement
Cairo – May 28, 2025: A recent statement from the International Monetary Fund (IMF) indicates significant progress in Egypt's efforts to stabilize its economy under the Extended Fund Facility (EFF) program, following a thorough review mission earlier this month. From May 6 to May 18, an IMF delegation led by Vladkova Hollar met with Egyptian officials in Cairo to discuss economic policies and evaluate advancements in implementing the EFF program's commitments. The team also examined economic prospects for the forthcoming fiscal year. The IMF raised Egypt's economic growth projection for FY2024/2025 to 3.8 percent, driven by a stronger-than-anticipated performance during the first half of the fiscal period, according to the fund. Private investment has also surged, rising from 38.5 percent of total investment in the first half of FY2023/2024 to nearly 60 percent in the same period of FY2024/2025. While inflation edged up slightly to 13.9 percent in April, it remains on a downward trend. Despite positive developments, the current account deficit remains broad, impacted by rising imports, decreased hydrocarbon output, and disruptions to the Suez Canal, which offset gains from tourism, remittances, and non-oil exports. The IMF noted that fiscal prudence is being maintained, with public investment spending kept within the budget ceiling for July to December 2024, aided by improved oversight of large public infrastructure projects. The mission welcomed Egypt's ongoing efforts to modernize tax and customs procedures, which are beginning to improve efficiency and build confidence among economic actors. The IMF stressed the importance of continuing to widen the tax base and streamline exemptions to enhance domestic revenue mobilization, critical for financing development and social programs. Furthermore, Egypt is developing a medium-term debt management strategy aimed at increasing transparency and gradually lowering the high costs of debt servicing within the budget. Looking forward, the IMF underscored the urgency of deeper reforms to unlock Egypt's growth potential, create quality jobs, and boost economic resilience. Key priorities include reducing the state's footprint in the economy through implementation of the State Ownership Policy and asset divestment initiatives, while also improving the business climate to foster private sector-led growth. Hollar expressed gratitude for the hospitality extended during the mission and indicated that discussions will continue virtually to finalize the remaining policy measures necessary for completing the fifth review under the EFF program.
Al-Ahram Weekly
28-05-2025
- Business
- Al-Ahram Weekly
IMF concludes 5th review mission visit for Egypt's EFF loan programme - Economy
The International Monetary Fund (IMF) announced Wednesday that it had concluded its visit to Egypt to discuss the fifth review of the country's $8 billion Extended Fund Facility (EFF) loan programme. An IMF staff team led by Ivanna Vladkova Hollar visited Cairo from 6 to 18 May. It held productive talks with Egyptian authorities on the economic and financial policies needed to complete the review. 'These constructive discussions advanced both technical work and policy dialogue as part of the fifth EFF review,' Hollar stated, "Egypt has made substantial progress toward macroeconomic stability. Based on stronger-than-expected performance in the first half of the year, we have revised our FY2024/2025 growth forecast upward to 3.8 percent." She added that private investment rose significantly, from 38.5 percent of total investment in H1 FY2023/2024 to nearly 60 percent in FY2024/2025. While inflation increased to 13.9 percent in April, it remains on a downward trend. 'The current account remains wide, as rising imports, lower hydrocarbon output, and Suez Canal disruptions have offset gains from tourism, remittances, and non-oil exports,'Hollar said. 'However, fiscal discipline—especially improved oversight of large public infrastructure projects—is helping contain demand pressures. Public investment spending remains below the ceiling set for July–December 2024.' She welcomed recent efforts to modernize and streamline tax and customs procedures, which are already delivering positive results. Continued domestic revenue mobilization is essential to support priority development and social spending by broadening the tax base and rationalizing exemptions, she added. Hollar also highlighted Egypt's progress on a medium-term debt management strategy to improve transparency and gradually lower high debt service costs. She emphasized the need for deeper reforms to unlock growth, create quality jobs, and boost economic resilience. 'Key priorities should include reducing the public sector's role in the economy and ensuring a level playing field. Implementing the State Ownership Policy and asset divestment programme—especially in sectors where the state has pledged to scale back—will be critical in strengthening private sector contributions to growth. At the same time, improving the business environment must continue.' 'We appreciate the warm hospitality extended by the Egyptian authorities. Virtual discussions will continue to finalize agreement on the remaining policies and reforms required to complete the fifth review,' she concluded. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
28-05-2025
- Business
- Daily News Egypt
IMF Staff Completes Egypt Mission, Cites Progress on EFF Review; Talks to Continue
An International Monetary Fund (IMF) staff team has completed a review mission to Egypt, citing good progress with Egyptian authorities on assessing economic performance and policy commitments under the country's Extended Fund Facility (EFF) arrangement. Talks will continue virtually to finalise an agreement on policies and reforms necessary for the completion of the fifth review. An IMF staff team, led by Ms. Vladkova Hollar, visited Cairo from 6 to 18 May, holding what were described as productive discussions on economic and financial policies. At the end of the mission, Ms. Vladkova Hollar issued a statement on Tuesday, 27 May 2025: 'The Egyptian authorities and IMF staff held constructive discussions which have advanced the technical work and policy discussions as part of the Fifth Review under the Extended Fund Facility.' The statement noted that as Egypt's macroeconomic stabilisation is taking root, it is now time to accelerate and deepen reform efforts to reduce the state footprint, level the playing field, and improve the business environment. 'Egypt has made substantial progress toward macroeconomic stability,' Ms. Hollar said. 'Growth is expected to continue strengthening, and we upgraded our forecast for FY24/25 to 3.8 percent, in light of the stronger-than-expected outturn in the first half of the year. At the same time, the private investment share in total investment rose from 38.5 percent in H1 FY23-24 to almost 60 percent over the same period in FY24-25.' She added, 'Inflation rose slightly to 13.9 percent in April but remains on a downward trend. The current account remains wide, as rising imports, reduced hydrocarbon output, and Suez Canal disruptions offset strong tourism, remittances, and non-oil exports. Greater fiscal prudence—including through better oversight and control over large public sector infrastructure projects—is helping to contain demand pressures, with total public investment spending remaining below the established ceiling for July – December 2024.' The IMF welcomed Egypt's recent efforts in tax and customs procedures. 'We welcome the authorities' recent efforts to modernize and streamline tax and customs procedures to increase efficiency and build confidence. These reforms are starting to yield positive results,' Ms. Hollar stated. 'Alongside these efforts, domestic revenue mobilization will need to continue, mainly by widening the tax base and streamlining tax exemptions, to support the government's capacity to spend sufficiently on priority development and social needs. We also welcome the authorities' efforts to develop a medium-term debt management strategy that aims to improve transparency and gradually reduce the large debt service cost in the budget.' Ms. Hollar emphasised the need for continued structural changes. 'With the macroeconomic stabilization now underway, it is critical for Egypt to carry out deeper reforms to unlock the country's growth potential, create high-quality jobs for a growing population, and sustainably reduce its vulnerabilities and increase the economy's resilience to shocks,' she said. 'In order to deliver on these objectives, decisively reducing the role of the public sector in the economy and leveling the playing field for all economic agents should be key policy priorities. The implementation of the State Ownership Policy and the asset divestment program in sectors where the state has committed to reduce its footprint will play a critical role in strengthening the ability of the private sector to better contribute to economic growth in Egypt. Complementing this, efforts need to continue to improve the business environment.' Concluding her statement, Ms. Hollar said: 'We are grateful for the warm hospitality extended by the authorities during this mission. Discussions will continue virtually to finalize agreement on the remaining policies and reforms that could support the completion of the fifth review.'
See - Sada Elbalad
11-05-2025
- Business
- See - Sada Elbalad
IMF: Egypt Committed to Economic Reforms to Enhance Investment Climate
Taarek Refaat International Monetary Fund (IMF) Mission Chief Ivanna Vladkova Hollar affirmed the Egyptian government's commitment to continuing to implement institutional, legislative, and digital reforms to enhance the investment climate and support sustainable economic growth. This came on the sidelines of a meeting between the Ministries of Investment and Foreign Trade and Finance with an IMF mission. The meeting was held as part of the fifth review, follow-up on the economic reform program, and assessment of progress made on fiscal and structural policies in Egypt. Hollar stated that the Egyptian economy has recently witnessed a significant improvement in growth rates and a decline in inflation rates, expressing optimism that these indicators reflect relative stability despite some temporary challenges. In this context, the Egyptian government is currently working to consolidate and simplify administrative fees and burdens imposed on companies and reduce the number of government agencies dealing with investment projects, according to Minister of Investment Hassan Al-Khatib. He added that the government has launched an electronic platform to unify and simplify licensing procedures, while working to develop a more advanced, unified digital platform that represents a "single window" model to facilitate doing business. The Egyptian Minister of Investment revealed the existence of an independent unit responsible for monitoring and coordinating state divestments from economic activity, alongside another unit responsible for modernizing the governance of state-owned companies to ensure their readiness for IPOs. Separately, the Egyptian Minister of Finance Ahmed Kouchouk addressed the government's efforts to unify fees and facilitate licensing procedures, explaining that an appropriate legislative framework is currently being developed to ensure the sustainability of ongoing economic reforms. He emphasized that the Ministry is working closely with relevant authorities to ensure the expedited issuance of these legislations, which will have a direct impact on improving the investment climate and enhancing the confidence of local and international investors. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Zawya
13-03-2025
- Business
- Zawya
Egypt to cut fuel subsidies to cost recovery level by December, IMF says
CAIRO - Egypt remains committed to lowering its energy subsidies to reach cost recovery by December as it works to reduce a wide current account deficit, the International Monetary Fund said on Wednesday. Ivanna Hollar, the IMF mission chief for Egypt, told reporters the commitment to lower subsidies, made in the summer of 2024, remained unchanged. "The authorities have committed to bring the price of fuel products to cost recovery by end-December 2025. That commitment has not changed and remains the prevailing commitment to bringing retail fuel prices to cost recovery levels," she said. The IMF on Monday approved the disbursement of $1.2 billion to Egypt following completion of the fourth review of the country's $8 billion economic reform programme, after allowing Egypt to waive a primary budget surplus target. Egypt's current account deficit mushroomed to 5.4% in the 2023/24 fiscal year, which ended in June. "We still expect the current account to be relatively elevated this year, but then for the next fiscal year, 2025/26, to come down to about 3.5% of GDP deficit," Hollar said. "Part of the contributing factors to the elevated current account deficit are not just the obstructions in the Suez Canal, but also the rather difficult situation in the energy sector which is contributing to a higher trade deficit," she said. Suez Canal fees, a main source of foreign currency, plunged to $931 million in the third quarter of 2024 from $2.40 billion a year earlier, a victim of diverted shipping due to the war in Gaza. Egypt still spends about 10 billion Egyptian pounds ($197 million) on fuel subsidies each month despite having raised prices three times last year, petroleum minister Karim Badawi said in October. Prime minister Mostafa Madbouly said in televised remarks on Wednesday the government was continuing in its financial reform programme. It could not sell diesel 100% at cost, however, but would continue to subsidise it to some degree. By the end of the year the government will have stopped petroleum subsidies being a financial strain, he said. ($1 = 50.6500 Egyptian pounds) (Reporting by Patrick Werr and Momen Said Atallah; Editing by Mark Potter, Alexandra Hudson)
