Egypt reached an agreement with the International Monetary Fund (IMF) to restructure the new economic reform program

IMF will back the program which will cover 3 key factors included in the reforms and arrangements related to the fiscal and monetary policies, as well as limiting amendments to the Egyptian economy.
Egypt aims to maintain the financial discipline to obtain an annual primary surplus to cut government debts to below 80% of gross domestic product (GDP) in the medium term.
Moreover, the government is working on extending the term of government debt, diversifying sources of financing, and improving the efficiency of revenues and spending under the general budget.
The government is also growing in financing the social protection programs, targeting raising wages of workers and higher allocations for insurance and pensions, which benefit over 10 million individuals and households.
Egyptian authorities and IMF agreed to finalize their negotiations in preparation for reaching a staff-level agreement very soon.

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