The Clap The IMF announced its position on many issues related to the Egyptian economy. Here’s a summary of its most important points:
The IMF lowered its forecast for the growth of the Egyptian economy during the current fiscal year from 4.4% to 4%.
The IMF also said that the CBE is committed to a flexible exchange rate, but it can intervene in times of volatility.
An agreement has been reached with the CBE regarding further tightening of monetary policy to control inflation.
It is expected that Egypt will collect $2.5bn from the sale of shares of companies that will go to the pre-IPO fund in mid-2023, which will help reduce its debts.
So What The loan that Egypt took will be issued in 8 equal installments at a value of $347 million twice a year until September 2026. One installment was already issued, which means that 7 installments remain.
Now What The IMF does not expect Egypt to control inflation until two years from now, with the possibility of inflation declining to 7% in the fiscal year 2024-2025.