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IMF agrees to provide $820 million for Egypt
Posted on August 14, 2024 |
The 3rd assessment conducted under the Extended Arrangement of the Extended Fund Facility (EFF) for Egypt was concluded by the IMF Executive Board on July 29, 2024. As a result of this permission, Egypt can obtain approximately US$820 million (SDR 618.1 million).
The latest efforts by the Egyptian government to bring macroeconomic stability back are beginning to show promise. Although inflation is still high, it is progressively falling. Upholding a flexible exchange rate regime remains a fundamental aspect of the government's program.
Still, the regional climate is difficult, and complicated domestic policy matters demand that the reform agenda be implemented swiftly. Maintaining budgetary restraint while increasing revenue collection is essential to freeing up funds for the expansion of social programs. Accelerating structural reforms will also be crucial to promoting the growth of the private sector.
The 46-month EFF agreement with Egypt was accepted on December 16, 2022. Egypt's macroeconomic circumstances have begun to improve since the combined first and second evaluations in March. Foreign exchange shortages have been resolved, inflationary pressures are gradually decreasing, and fiscal targets—including those about spending on significant infrastructure projects—have been reached. The private sector's attitude and investor confidence both benefit from these advancements. However, in addition to internal policy and structural difficulties, the difficult regional context—which is typified by the conflict in Gaza and Israel and tensions in the Red Sea—requires ongoing adherence to program obligations.
To prevent the accumulation of external imbalances, a liberalised foreign exchange market and a flexible exchange rate regime are essential. The data-driven strategy used by the Central Bank is crucial for lowering inflation and inflation expectations. Continued attempts at fiscal consolidation will contribute to a clear decline in the nation's debt. To guarantee funds are available for critical spending on health and education, as well as to create fiscal room to increase social spending for disadvantaged populations, it is imperative to fortify domestic income mobilisation and manage fiscal risks associated with the energy industry.
Although significant structural reforms have advanced, more work is still required to put the State Ownership Policy (SOP) into practice. This includes:
-Quickening the process of divesting
-Streamlining business laws to make it easier for new businesses to open up shop
-Accelerating trade facilitation procedures
-Levelling the playing field to stop state-owned businesses from engaging in unfair competition
-Increasing the resilience of the financial sector
-Improving governance
-Fostering competition in the banking industry
These actions are essential to guiding Egypt's economic development in the direction of the private sector, which can create opportunities and jobs for all.
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