Latest news with #VladkovaHollar
Zawya
28-05-2025
- Business
- Zawya
IMF, Egypt make progress on 5th review talks under EFF
An International Monetary Fund (IMF) staff mission concluded its visit to Cairo, which took place from May 6th to 18th, after holding constructive discussions with Egyptian authorities on the country's economic and financial policies under the Extended Fund Facility (EFF) arrangement, the IMF announced. Led by IMF Chief Mission Vladkova Hollar, the visit yielded 'good progress' toward assessing Egypt's economic performance and the implementation of its policy commitments. However, talks will continue virtually to finalize the remaining policy elements required for the completion of the fifth review. 'Egypt has made substantial progress toward macroeconomic stability,' Hollar said in a statement following the mission. She noted that growth is expected to strengthen further, with the IMF raising its forecast for fiscal year (FY) 2024/2025 to 3.8%, reflecting stronger-than-expected performance in the first half (H1) of the year. The IMF welcomed Egypt's fiscal discipline, especially the improved oversight of large public infrastructure projects, which has helped keep total public investment spending within limits set for July to December 2024. Hollar praised the government's recent reforms to modernize tax and customs procedures, noting that they are starting to yield positive results. She emphasized the importance of further revenue mobilization through broadening the tax base and streamlining exemptions to enable greater spending on development and social priorities. The fund also commended Egypt's work on a medium-term debt management strategy aimed at improving fiscal transparency and easing the burden of debt service. With macroeconomic stabilization taking hold, the IMF stressed the need for deeper structural reforms. The IMF also underlined the importance of improving the business environment to support long-term resilience and job creation. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
28-05-2025
- Business
- Arab News
IMF says Egypt making progress, still needs to widen tax base
CAIRO: Egypt has made progress toward macroeconomic stability and has been streamlining tax and customs procedures, but still needs to widen its tax base, the International Monetary Fund 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 $8 billion 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 percent, in light of the stronger-than-expected outturn in the first half of the year,' Hollar said in a statement. A Reuters poll of 17 analysts last month also forecast growth of 3.8 percent in the 2024/25 fiscal year, which began in July. Egypt's central bank said last week the economy grew by 4.3 percent in the October-December quarter and projected it would grow by 5.0 percent in January-March. The IMF statement said better oversight and control over large public sector infrastructure projects was helping to contain demand pressure. The authorities were working to modernize and streamline tax and customs procedures, it added. 'These reforms are starting to yield positive results. Alongside these efforts, domestic revenue mobilization will need to continue, mainly by widening the tax base and streamlining tax exemptions,' it added. The IMF approved its fourth review of the program in March, unlocking a disbursement of $1.2 billion.
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.
TimesLIVE
28-05-2025
- Business
- TimesLIVE
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.
Zawya
28-05-2025
- Business
- Zawya
IMF says Egypt making progress, still needs to widen tax base
CAIRO: 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 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 $8 billion 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," Hollar said in a statement. A Reuters poll of 17 analysts last month also forecast growth of 3.8% in the 2024/25 fiscal year which began in July. Egypt's central bank said last week the economy grew by 4.3% in the October-December quarter and projected it would grow by 5.0% in January-March. The IMF statement said better oversight and control over large public sector infrastructure projects was helping to contain demand pressure. The authorities were working to modernize and streamline tax and customs procedures, it added. "These reforms are starting to yield positive results. Alongside these efforts, domestic revenue mobilization will need to continue, mainly by widening the tax base and streamlining tax exemptions," it added. The IMF approved its fourth review of the programme in March, unlocking a disbursement of $1.2 billion. (Reporting by Patrick Werr and Jaidaa Taha; Editing by David Gregorio)
