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Egyptian Prime Minister Mostafa Madbouli said that his government was in the final stage of talks with the International Monetary Fund for a new funding
Egyptian Prime Minister Mostafa Madbouli said that his government was in the final stage of talks with the International Monetary Fund for new funding. He was talking at the Logos Coptic Youth Forum recently. In attendance at the forum were Pope Tawadros II of Alexandria and head of the Coptic Orthodox Church, Minister of Immigration Soha Gendy, and a number of bishops and church leaders.
The prime minister said that Egypt has achieved huge growth rates thanks to the economic reform program it has adopted. But this has been affected by the coronavirus pandemic and the Russia-Ukraine war crisis. As reported by www.trendnafrica.com in July. Finance Minister Mohamed Maait said Egypt was working out the remaining points of difference with the IMF over a new extended fund facility. Since March, Egypt has been in talks with the IMF about a new program that seeks to support the Egyptian state’s plans. The new program with the IMF aims at supporting structural reforms.
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Over the past decade, Egypt has turned to the IMF several times, including borrowing $2.8 billion and $5.2 billion in May and June 2020 respectively as well as $12 billion in 2016. In July, the IMF maintained its forecast for the growth of the Egyptian economy during 2022 at 5.9 percent, while reducing its estimates for the growth of the global economy from 3.6 percent to 3.2 percent.
In its July update of the World Economic Outlook, the IMF estimated that the Egyptian gross domestic product (GDP) in 2023 would register a growth of 4.8 percent.
