Egypt Daily News – The head of the International Monetary Fund (IMF) mission in Egypt, Ivana Vladkova Hollar, announced that Egypt’s real GDP is projected to grow by four percent in the fiscal year 2024-2025. She also indicated a decline in inflation to below 15 percent by June 30, 2025.
Hollar mentioned that the IMF will continue discussions with the Egyptian government regarding a financing request from the Resilience and Sustainability Fund, with specific talks slated for the upcoming fall.
This request, related to climate transition financing, is expected to amount to approximately $1.2 billion, as noted by Prime Minister Mostafa Madbouly in March.
Following a recent completion of the third review, Egypt is now eligible to withdraw $820 million from an ongoing 46-month loan program with the IMF, which totals eight billion dollars.
This program was initially established in 2022, later expanded due to an economic crisis characterized by rising inflation and a foreign currency shortage.
Hollar highlighted that a key focus for the upcoming fourth review will be enhancing Egypt’s tax revenues, as establishing a robust tax base is essential for funding priority needs. She pointed out that these discussions around tax reform will be vital for the country’s financial health.
Moreover, the reviews of the loan program are scheduled to occur every six months until fall 2026, with remaining payment amounts set at $1.3 billion each.
