Rédaction Africa Links 24 with Egypt Independent
Published on 2024-02-03 10:05:09
The International Monetary Fund (IMF) has recently completed a delegation’s visit to Cairo, led by Ivanna Vladkova Hollar, aiming to finalize the first and second review of the Egyptian reform program. The delegation visited Cairo from January 17 to February 1, conducting discussions towards the completion of the first and second reviews of Egypt’s reform program supported by the IMF’s Extended Fund Facility (EFF).
During the visit, both the IMF team and the Egyptian authorities made significant progress towards reaching a Staff Level Agreement (SLA) for the combined first and second reviews of Egypt’s economic reform program. According to Vladkova Hollar, they have agreed on the main policy elements of the program, and the authorities have expressed a strong commitment to promptly act on all critical aspects of Egypt’s economic reform program.
Furthermore, both the IMF team and the Egyptian authorities have emphasized the critical importance of strengthening social spending to protect vulnerable groups. This is particularly crucial for ensuring adequate living conditions for low and middle-income households that have been severely impacted by rising prices.
While the delegation has concluded its visit to Cairo, discussions between the IMF and Egyptian authorities will continue virtually over the coming days to finalize the Memorandum of Economic and Financial Policies (MEFP). Additionally, they will work towards identifying the magnitude of additional support from the IMF and other bilateral and multilateral development partners needed to help close Egypt’s increased financing gaps following recent economic shocks.
The completion of the first and second review of Egypt’s reform program is a significant step towards implementing necessary policy reforms to strengthen the country’s economy. These reforms have the potential to address key challenges and create a more sustainable economic environment in Egypt.
Egypt’s reform program supported by the IMF’s EFF aims to implement a comprehensive set of policy reforms to enhance macroeconomic stability, secure fiscal sustainability, and promote inclusive growth. The program focuses on structural reforms to improve the business climate, enhance governance, and bolster social protection systems.
In conclusion, the collaboration between the IMF and the Egyptian authorities in finalizing the first and second reviews of Egypt’s reform program demonstrates a shared commitment to advancing the country’s economic resilience and stability. The policy elements agreed upon during the delegation’s visit, along with the ongoing discussions and virtual meetings, signify a vital step towards achieving sustainable economic growth and prosperity in Egypt.
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