Photo source: Daily News Egyptian President Abdel Fattah Al-Sisi has ordered a thorough review of the country’s program with the International Monetary Fund (IMF) to address recent global economic shifts and challenges. In statements made during the Global Conference on Population, Health, and Human Development on 20 October, Al-Sisi highlighted that the global economic slowdown, exacerbated by the war in Ukraine and COVID-19, has severely impacted Egypt’s fiscal performance. He acknowledged the IMF program’s initial positive outcomes, but emphasized the need for re-evaluation in light of “new pressures”. “We have embarked on a bold journey of economic reform, and we continue to pay the price. The program has helped stabilize key aspects of the economy, but we must be honest—external shocks have tested our resilience,” said the Egyptian President. IMF Programme and Egypt’s Economic Landscape In December 2022, Egypt secured a USD 3 billion loan from the IMF, underpinned by a series of structural reforms aimed at bolstering economic growth, reducing public debt, and improving fiscal transparency. The IMF package also emphasized the need for currency flexibility and subsidy cuts, controversial measures that triggered public concerns over rising inflation and…
Sisi Orders Review of Egypt’s IMF Program to Address Economic Challenges
October 22, 2024
