The Ministerial Council’s Information and Decision Support Center prepared a document to answer the most important questions raised regarding the cooperation between Egypt and the International Monetary Fund, including 50 questions and answers on the matter, which included the reasons which prompted Egypt to conclude a 46-month extended facilitation agreement, worth US$3 billion, with IMF International, with the aim of leveraging the previous economic gains achieved by the Egyptian economy since the implementation of the first phase of the economic reform program (2016-2019), and support the efforts of the Egyptian state in the implementation of the second phase of the national economic and social reform programme, which aims to increase economic growth rates and encourage investment , and boost export levels and create more job opportunities, noting the impact of the floods in this context r negative effects of crises that have adversely affected the global economy, such as the “Covid-19” pandemic, and the current Russian-Ukrainian crisis, underlining that the two previous programs for Egypt with the International Fund in the years 2016 and 2020 have had a significant impact on the control of public finances, the reduction of public debt, the adoption of a policy of flexible exchange rates, the reform of energy subsidies and the provision of fiscal margins. m for social spending.
The government explains the reasons for the agreement and the advantages it obtains for Egypt
goals of the new program
The reasons for the agreement and the gains it achieves for Egypt
The document indicated that Egypt’s new program with the fund aims to achieve an annual primary surplus in the general budget, diversify funding sources, improve the efficiency of revenue and expenditure in the government budget, work to increase spending on human development and continue to expand funding for social protection programs.
The document refers to the steps that have been taken to strengthen the role of the private sector in the economic reform agenda, as the Council of Ministers, at its weekly meeting on 30 November 2022, approved the final version of the state property policy document, which aims to further enhance private sector participation in economic activity and provide a favorable climate for domestic and foreign investment; This confirms the will of the Egyptian state and its institutions to encourage and attract the private sector to increase its investments and its strong presence in the Egyptian market, and to increase its strong contribution to economic growth in the coming period.
