From News Desk
An International Monetary Fund (IMF) mission team led by Vladkova Hollar visited Cairo from December 1st -11th and held productive virtual discussions with the Egyptian authorities thereafter on a package of economic and financial policies that could underpin the completion of the Fifth and Sixth reviews under the Extended Fund Facility (EFF) arrangement and first review under the Resilience and Sustainability Facility (RSF).
At the conclusion of the discussions, Vladkova Hollar issued the following statement –
”The IMF team and the Egyptian authorities have reached staff level agreement on the fifth and sixth reviews under the Extended Fund Facility (EFF) arrangement and the first review under the Resilience and Sustainability Facility (RSF).”
She added, “Reforms related to the Resilience and Sustainability Facility (RSF) are on track; and the authorities have already implemented two key measures related to mitigation (i.e. publishing of a schedule outlining the implementation plan to achieve renewable energy targets); and climate finance (directive issued by CBE to mandate banks to monitor and report exposure to firms that may face material transition risks from the adoption of the Carbon Border Adjustment Mechanism). The authorities are also making good progress toward delivering on the remainder of the reform measures.”
“The IMF team would like to express its gratitude to the Egyptian authorities for the constructive discussions and warm hospitality during the mission”, she concluded.
IMF staff review noted that the macroeconomic stabilisation efforts have continued; and the Egyptian economy is showing signs of robust growth. Economic activity picked up to 4.4 percent in FY 2024/25 and the balance of payments has improved markedly, despite adverse external developments. Recent efforts to improve trade facilitation and streamlining tax related procedures have been welcomed by the private sector.
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