{"id":654480,"date":"2024-11-03T00:00:00","date_gmt":"2024-11-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/imf-will-start-fourth-review-on-tuesday-madbouly\/"},"modified":"2024-11-03T00:00:00","modified_gmt":"2024-11-03T00:00:00","slug":"imf-will-start-fourth-review-on-tuesday-madbouly","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/imf-will-start-fourth-review-on-tuesday-madbouly\/","title":{"rendered":"IMF will start fourth review on Tuesday -Madbouly"},"content":{"rendered":"

Good afternoon, folks,<\/strong> and welcome to what\u2019s shaping up to be a busy week on the economy front.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

El Sisi, Georgieva talk economic reforms: <\/strong>President Abdel Fattah El Sisi met with the IMF\u2019s managing director Kristalina Georgieva and senior officials today to discuss progress on economic reforms tied to our IMF loan agreement, according to an Ittihadeya statement<\/a>. The meeting \u2014 which follows earlier talks<\/a> between Kristalina and key Egyptian officials yesterday \u2014 comes as the state seeks to renegotiate the terms<\/a> of our USD 8 bn loan agreement and precedes a visit from a Fund delegation in preparation for the program\u2019s fourth review<\/a>, which Prime Minister Moustafa Madbouly said is set to begin on Tuesday.<\/p>\n

The tone was largely positive: <\/strong>The IMF chief highlighted improvements in Egypt's macroeconomic indicators despite significant regional and international headwinds, citing positive assessments from international rating agencies and increased investment flows. In a possible sign of Fund flexibility, she noted that the IMF \u201cseeks to find the best reform trajectories that address all relevant dimensions\u201d in order to sustain the positive impact of the reforms. <\/p>\n

Getting inflation under control is key: <\/strong>Georgieva also noted that the Fund agrees with its Egyptian counterparts that tackling inflation needs to be a key priority for the government and its international partners. Rising energy costs \u2014 a substantial part of which is accounted for by fuel prices \u2014 have been acknowledged<\/a> as driving two consecutive monthly upticks in inflation.<\/p>\n

Next up \u2014 t<\/strong>he <\/strong>green economy:<\/strong> The IMF managing director added that the green economy will be the focus of upcoming discussions next week, without going into further detail.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Meanwhile, the foreign press is focused on US presidential hopefuls Kamala <\/strong>Harris and Donald Trump\u2019s final rounds of campaigning ahead of election day, <\/strong>with Harris visiting the state of Michigan on Sunday and the Trump campaign set to make a stop in three eastern battleground states \u2014 Pennsylvania, North Carolina, and Georgia \u2014 in what opinion polls indicate will be a historically close race to the presidency. A recent poll shows Harris taking the lead over Trump in Republican-leaning Iowa \u2014 a state that Trump won in the last two US elections \u2014- with the Democratic candidate set to campaign in East Lansing, Michigan, a town viewed as a must-win for her campaign. (Reuters<\/a> | Financial Times<\/a>)<\/p>\n

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