An International Monetary Fund (IMF) mission is currently in Egypt for the fifth review of the country's economic reform programme, Egypt's Prime Minister Moustafa Madbouly told reporters on Wednesday according to a Cabinet statement. He referred to a previous joint press conference with Nigel Chalk, IMF Deputy Managing Director, where Chalk praised Egypt's economic progress and the significant strides in implementing its national reform programme. Madbouly stressed that Egypt is committed to the programme, whether in cooperation with the IMF or independently, due to strong conviction that the current path is the right one for Egypt's economic reform amid ongoing global and local challenges. He said recent reforms are starting to yield results, citing improvements in unemployment, inflation, and growth rates. The prime minister also highlighted recent reports from the World Bank and IMF upgrading Egypt's economic growth forecasts. The European Bank for Reconstruction and Development (EBRD) expects Egypt's economy to grow by more than 4.2 per cent next year, in line with the government's forecast of 4.5 per cent. He added that debt indicators and the overall budget deficit have declined, foreign direct investment has increased, and the private sector's share in total investments now exceeds 60 per cent, with a target of over 65 per cent in the next budget. He also pointed to the stability and growth in remittances from Egyptians abroad as a positive factor for the economy. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
