Egypt’s economy continues to fall under the IMF’s spotlight with the ongoing fifth review as part of an $8bn loan deal agreed in March last year (MEES, 8 March 2024). Authorities were in Cairo between 6-18 May and “held productive discussions with the Egyptian authorities on their economic and financial policies,” IMF communications director Julie Kozack said in a 12 June briefing. Discussions are continuing virtually Ms Kozack says.
“As we have said here before, Egypt has made clear progress on its macroeconomic reform program with notable improvements in inflation and in the level of international reserves,” she says. In February, inflation dropped to a three-year low 12.8% but has risen every month since and ended May at 16.8%. Foreign reserves have risen consistently, marking the 33rd consecutive monthly increase in May to a new record $48.5bn according to the latest data from Egypt’s Central Bank (see chart). (CONTINUED - 227 WORDS)
