Written by – Ahmed Yaqoub Monday, April 1, 2024 02:21 PM
said Ivana Vladkova Holer, Head of Mission International Monetary Fund To Egypt, in response to “The Seventh Day” questions, the date for the new review of Egypt’s economic program, which is the third review, will take place 3 months from now, that is, during the month of June 2024, stressing that the following reviews will take place periodically, every 6 months.
Ivana Vladkova-Höller, head of the International Monetary Fund mission to Egypt, added during a virtual press conference today, Monday, that after the approval of the new review next June, a new tranche worth $820 million will be made available.
The International Monetary Fund said that the $35 billion deal to develop Ras El Hekma city supported Egypt’s economy, reduced pressure on the balance of payments in the near term, and supports the Egyptian economy’s handling of future shocks.
The International Monetary Fund stressed the importance of implementing economic policies and supporting the private sector to be an engine of growth.
The International Monetary Fund pointed out the importance of targeting the Central Bank of Egypt to reduce inflation through important measures, most notably the interest rate.
The International Monetary Fund said that Egypt is implementing a strong plan to achieve economic stability, focusing on achieving a flexible exchange rate system and supporting the private sector to be a leader in economic growth.
The Executive Board of the International Monetary Fund recently completed the first and second reviews of the Egyptian financing program and raised the value of the loan from $3 billion to $8 billion.
The International Monetary Fund said in a press statement that the completion of the discussion of the first and second review of Egypt’s economic program allows for the disbursement of $820 million of the total financing value.
On March 6, the International Monetary Fund announced that it had reached an agreement at the expert level with the Egyptian authorities regarding financing that would provide $8 billion, noting that all details related to the first and second review of Egypt’s program had been agreed upon.
The International Monetary Fund confirmed, in a press statement, that the agreement will be presented to the Executive Board of the Monetary Fund for approval, stressing that the IMF team has made excellent progress in constructive discussions with the Egyptian government regarding the first and second review of the economic reform program supported by the Fund.
The International Monetary Fund pointed out the importance of the flexible exchange rate mechanism, and it was agreed to increase social spending and support the neediest groups, stressing that discussions between the International Monetary Fund and the Egyptian government will continue during the next stage.
2024-04-01 12:21:00
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