Statement by the IMF Spokesperson on Egypt
IMF News, October 15, 2022
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- Statement by the IMF Spokesperson on Egypt
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Bibliographic details
- Published: October 15, 2022
Context and status
- Press Release No. 22/354
- Date: October 15, 2022
- Issued by: IMF Communications Department; Director of Communications Mr. Gerry Rice
- IMF staff and the Egyptian authorities "have held very productive in-person discussions on the margins of the IMF and World Bank Annual Meetings and made substantial progress on all policies."
- "IMF staff and the Egyptian authorities have agreed to finalize their work to reach a Staff-Level Agreement very soon."
Fiscal policy and public debt
- "A continued fiscal consolidation path that will safeguard public debt sustainability and ensure a steady decline of the debt-to-GDP ratio over the medium term."
- Additional fiscal and related structural policies to:
- "further expand the social safety net for the most vulnerable"
- "improve the budget composition"
- "enhance fiscal transparency"
Monetary, exchange rate, and external resilience
- Policies to:
- "anchor inflation expectations"
- "improve monetary policy transmission"
- "improve the functioning of the foreign exchange market"
- "bolster Egypt’s external resilience"
- Objective: "enable Egypt to gradually and sustainably rebuild foreign reserves."
Structural reforms and competitiveness
- Implementation of the authorities’ comprehensive structural reform agenda to:
- "gradually enhance the competitiveness of the economy"
- "reduce the role of the state in the economy"
- "level the playing field for the private sector"
- "improve the business climate"
- "foster transition towards a greener economy"
Statement by the IMF Spokesperson on Egypt, October 15, 2022.