Egypt finalizes agreement with IMF at level of experts, announcement “very soon” – Egypt Today

Egypt finalizes agreement with IMF at level of experts, announcement “very soon” – Egypt Today

CAIRO - 16 October 2022: The agreement with the International Monetary Fund (IMF) at the expert level on the components of the new program has been finalized, and an announcement will be made “very soon”, Minister of Finance, Mohamed Maait stated Sunday. Maait explained that very fruitful bilateral discussions were held with IMF experts on the sidelines of the annual meetings of the IMF and the World Bank in Washington, and significant progress was made in all policies. “We are continuing efforts to control the state's public finances; to preserve the economic gains, by sustaining the reduction of public debt rates to the gross domestic product (GDP) in the medium term, especially since we succeeded during the last fiscal year in recording positive indicators despite the inflationary pressures and uncertainty in the global arena,” he said. According to the minister, Egypt was one of the few emerging economies that achieved a primary surplus in the last fiscal year 2021/2022 of 1.3 percent of GDP, a growth rate of 6.6 percent, an increase in tax revenues of about 19 percent on an annual basis, and a reduction in the budget deficit from 13 percent in 2012/2013 to 6.1 percent in the