Egypt – Prime Minister Mostafa Madbouly stated on Wednesday that there is “optimism” concerning ongoing talks with the International Monetary Fund (IMF) mission, citing positive economic indicators that have surpassed targets in some areas.
Speaking at a weekly press conference following a cabinet meeting at the New Administrative Capital, Madbouly confirmed that the IMF mission arrived two days ago to commence the fifth and sixth reviews of the country’s loan programme. The delegation has already held initial meetings with the Minister of Finance and the Central Bank Governor.
“There is optimism that matters will proceed within a good framework in light of the positive indicators of the Egyptian economy,” Madbouly said.
He added that the country’s economic performance is tracking in line with government hopes, noting that “indeed some economic indicators have achieved better than what was targeted with the Fund.”
In a move to further stimulate the economy, Madbouly announced that President Abdel Fattah Al-Sisi has approved the launch of a second package of tax facilities.
Madbouly explained that this is the second of four planned tax packages designed to improve the investment climate and support the private sector’s expansion. The first tranche was implemented last year, with the current package planned for execution this year.
Regarding structural reforms, the Prime Minister said the government is currently updating the “State Ownership Policy Document,” as the original three-year timeframe for the policy expires this December. He expects the final draft of the updated version to be ready by March, after which it will be presented for social dialogue.
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