Latest news with #IvannaVladkovaHollar
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:
Zawya
15-05-2025
- Business
- Zawya
Al-Mashat, IMF mission chief discuss Egypt's structural reform program
Arab Finance: Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, discussed the national structural reform program with Ivanna Vladkova Hollar, the International Monetary Fund (IMF) Mission Chief for Egypt, as per a statement. The meeting also touched upon macroeconomic indicators and external financial resources to bridge the financing gap. Al-Mashat noted that the Egyptian economy regained momentum in economic growth since the implementation of economic reform measures in March 2024. She noted that the Egyptian economy faced significant challenges before this period. However, the state witnessed economic growth to 2.4% in the fourth quarter (Q4) of fiscal year 2023/2024, followed by 3.5% and 4.3% in Q1 and Q2 of FY 2024/25. Non-petroleum manufacturing sector led growth rates, along with segments of the information and communications technology (ICT), tourism, transport, and storage. This was despite the negative impact of geopolitical tensions on Suez Canal activity, which registered a significant decline over the recent period. Al-Mashat addressed cooperation with international development partners to mobilize budget support funding and implement comprehensive structural reforms in the Egyptian economy. She reflected on the Macro-Financial Assistance (MFA) mechanism and the budget support of €4 billion with the European Union (EU), aimed at boosting macroeconomic stability, enhancing the investment environment, and driving the transition to a green economy. The private sector also receives a significant portion of this funding through direct and indirect investments and lines of credit, which improve growth and employment efforts, according to Al-Mashat. The minister noted that concessional financing to the private sector exceeded nearly $14.5 billion over the past five years. She also reviewed the implementation of the Nexus of Water, Food, and Energy (NWFE) program, particularly in the energy sector, which has attracted $3.9 billion concessional financing to the private sector in two years. The financing was allocated to implement renewable energy projects with a capacity of 4.2 gigawatts (GW). Meanwhile, the ministry seeks to raise funding to $10 billion to implement around 10 GW of renewable energy capacity, supporting Egypt's renewable energy capacity to 42% by 2030. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
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
Al-Ahram Weekly
12-03-2025
- Business
- Al-Ahram Weekly
Egypt inflation to reach 16.6% by end of June, debt on downward trajectory: IMF's Mission chief
Egypt's inflation rate is projected to stabilize at approximately 16.6 percent by the end of June 2025, International Monetary Fund (IMF) Mission Chief Ivanna Vladkova Hollar told Ahram Online on Wednesday. Hollar made these remarks during the press conference the IMF held virtually to brief on the IMF's latest announcement concerning the completion of Egypt's Extended Fund Facility (EFF) loan and the IMF's approval of a new $1.3 loan package for the country under the Resilience and Sustainability Facility (RSF). Recent data shows that Egypt's debt levels and inflation rates have decreased, which are key indicators of economic stability. In February 2024, inflation dropped significantly, mainly due to the fading impact of last year's economic fluctuations. Hollar noted that, for debt dynamics, continued fiscal consolidation, alongside effective debt management strategies, has contributed to a downward trend in debt. This asserts that the Ministry of Finance's strategic use of divestment proceeds is also instrumental in reducing debt burdens and meeting financing needs. Rapid Financing Instrument (RFI) details On the expected mechanism of the RSF loan programme and its details, Hollar explained that the $1.3 billion RSF access is for the entire arrangement, which is planned to last until the fall of 2026. 'RSF works slightly differently, not in the exact same tranching that the EFF programme is delivered, but it is dispersed in in pieces, and it is linked to the implementation of reform measures. So, the current RSF arrangement for Egypt has 10 reform measures. Each reform measure associated with 1/10 of the overall size of the disbursement. And so, there is a schedule for the targeted date for implementing those measures,' Hollar said. According to Hollar, the schedule of the reviews under the RSF depends on completing the reform measures (RMs). She also noted that the disbursement is 1/10 per RM of the programme's overall size. EFF's 4th review mechanism Ahram Online asked Hollar about the commitments under the fourth review that Egypt has met and others unmet. In this regard, Holler said that the IMF's Executive Board evaluated quantitative commitments and structural benchmarks. 'Although Egypt met nearly all quantitative criteria, two were unmet, necessitating a waiver process. The board's decision to proceed with the review reflects confidence in Egypt's structural reform agenda, particularly in tax reforms, competition framework, and the governance of state-owned banks,' Hollar said. On tax reform, Hollar highlighted the recent submission of a tax package to the House of Representatives. For the competition framework, she praised the enhancements made to the independence of the Egyptian Competition Authority. Regarding the governance of state-owned banks, Hollar commended the initiatives taken to ensure adherence to best practices in governance. Fourth tranche disbursement details According to Hollar, the $1.2 billion tranche will be disbursed in March following the board's approval. Key objectives of exchange rate flexibility Hollar noted that the primary goal of adopting an inflation-targeting regime alongside exchange rate flexibility is to prevent the accumulation of economic imbalances. This approach aims to avoid foreign exchange rationing by ensuring that foreign currency remains accessible for trade and investment. Moreover, it seeks to prevent large devaluations by mitigating the disruptive effects of sudden currency shifts. 'By allowing the exchange rate to adjust according to market forces, upward and downward movements can occur in response to changes in supply and demand for foreign currency,' according to Hollar. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
11-02-2025
- Business
- Al-Ahram Weekly
Egypt external debt jumps 1.5% in Q1 FY24/25 for 1st time since June 2024 - Economy
The external debt rose by 1.5 percent during the first quarter (Q1) of the current fiscal year (FY) 2024/2025 (July-September 2024) compared to Q4 of FY2023/2024, marking the first rise since Q2 of the previous fiscal year, the Central Bank of Egypt's (CBE) latest data indicated. The CBE data showed that the external debt increased by $2.32 billion by the end of Q1 of FY2024/2025 to approximately $155.2 billion, compared to about $152.88 billion in Q4 of FY2023/2024. This is the first rise since Q2 of FY2023/2024 (October-December 2023), when the external debt jumped to about $168 billion. The increase came despite Egypt's inflows from the $35 billion Ras El-Hekma deal, the country's most significant foreign direct investment (FDI) deal ever. After signing that deal with the UAE, Egypt's debt decreased by about $14 billion from January to June 2024, the second half of FY2023/2024. During the first half of FY2023/2024, Egypt received $24 billion from the UAE and settled $11 billion in Emirati deposits owed to it, which contributed to reducing its external debt. Per the CBE data, long-term external debt also increased by approximately $678 million during Q1 of FY2024/2025, reaching about $127.358 billion by the end of September 2024, up from approximately $126.68 billion posted by the end of June. Similarly, short-term external debt rose by approximately $1.641 billion during Q1 of FY2024/2025, reaching about $27.661 billion by the end of September 2024, compared to about $26.02 billion by the end of June. Moreover, the central bank data indicated that the external debt rise resulted from the increase in debt in other unspecified sectors by about $1.704 billion, reaching approximately $19.07 billion by the end of September 2024, up from about $17.366 billion in Q4 of FY2023/2024. Additionally, the government's external debt increased by about $196 million during Q1 of FY2024/2025, reaching $80.374 billion by the end of September 2024, compared to about $80.178 billion in Q4 of FY2023/2024. This explains why the country's external debt is increasing again in Q1 of FY2024/2025. Egypt has engaged in an $8 billion Extended Fund Facility (EFF) loan deal with the International Monetary Fund (IMF). The fourth review of the loan programme was scheduled for the end of January, but it is still pending the approval of the IMF's executive board. After reaching a staff-level agreement on this review, IMF Mission Chief to Egypt Ivanna Vladkova Hollar said the Egyptian authorities have requested to recalibrate their medium-term fiscal commitments due to difficult external conditions and a challenging domestic economic environment. Short link:
