Egypt Prepares for Critical IMF Review Amid Economic Adjustments

Egypt's Prime Minister Mostafa Madbouly confirmed that the IMF's fourth review of Egypt's loan program would occur on Tuesday. Despite inflation challenges, IMF Managing Director Kristalina Georgieva highlighted new job opportunities and projected GDP growth, underscoring the importance of private sector development for Egypt's economic future.

Egypt is gearing up for a pivotal evaluation of its financial health, as Prime Minister Mostafa Madbouly announced the International Monetary Fund's (IMF) fourth review of the country's loan program slated for Tuesday.

The announcement was made in the presence of IMF Managing Director Kristalina Georgieva, who addressed Egypt's recent economic challenges and prospects. Georgieva acknowledged the nation's inflation, which soared to 37% in 2023, though it's now moderated to between 25% and 26%. She emphasized the growth of job opportunities through the private sector, a concerted effort supported by the IMF to bolster Egypt's economy.

Highlighting future economic stability, Georgieva projected a GDP growth of 4.2% by the fiscal year 2025, stressing the pivotal role of the private sector in creating substantial employment opportunities for the burgeoning workforce entering the job market annually.

(With inputs from agencies.)