28-05-2025
IMF says Egypt making progress, still needs to widen tax base
Egypt has made progress towards macroeconomic stability and has been streamlining tax and customs procedures, but still needs to widen its tax base, the International Monetary Fund (IMF) said on Tuesday after a review mission to the country.
An IMF team visited Egypt from May 6 to May 18 as part of its fifth review of an $8bn (R143.13bn) financial support agreement signed in March 2024.
"Egypt has made substantial progress toward macroeconomic stability," said IMF mission chief for Egypt Vladkova Hollar, who led the team.
"Growth is expected to continue strengthening, and we upgraded our forecast for FY24/25 to 3.8%, in light of the stronger-than-expected outturn in the first half of the year."
A Reuters poll of 17 analysts last month also forecast growth of 3.8% in the 2024/25 fiscal year which began in July.
