Egypt To Reevaluate Timings for Economic Reforms With IMF: PM MadboulySource: www.export-egypt.com 10/23/2024, Location: Africa |
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Egypt to start reevaluating the timing of economic reforms with The International Monetary Fund, Prime Minister Mostafa Madbouly announced.
“Based on the recent economic developments in Egypt, we will have the opportunity to negotiate this matter with the IMF mission to review the program," Madbouly stated. This aligns with President Abdel-Fattah El-Sisi's directive to the government to reassess the situation with the IMF to avert putting more pressure on the public amid the country’s efforts to overcome economic challenges. Madbouly asserted that Egypt has not failed to comply with its obligations despite all challenges, noting that the government succeeded in reducing unemployment to the lowest level in recent months. Furthermore, the PM stressed that the government continues to attract foreign direct investment (FDI). According to the Global Financial Stability Report by IMF, Egypt's portfolio flows have been net positive in recent months, with significant inflows into local currency bonds despite the ongoing debt challenges and high inflation. The IMF’s World Economic Outlook report projected Egypt's GDP to recover, reaching 4.1 percent in FY2025/2026, up from a forecasted 2.7 percent in the current fiscal year (FY2024/2025). Rise in petroleum prices During the conference, Minister of Petroleum and Mineral Resources Karim Badawi noted that Natural gas production has decreased by 25 percent over the past two years. Badawi added that the price gap between product prices and production costs ranges from 11 to 21 percent. He attributed the rise in petroleum prices to the exchange rate and increasing global energy prices. In addition, Badawi highlighted that next December the government and Italian partner Eni will resume drilling works in the Zohr gas field, including drilling two wells with a production capacity of 220 million square feet daily. |
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