{"id":657712,"date":"2024-12-25T00:00:00","date_gmt":"2024-12-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/25\/imf-reaches-staff-level-agreement-with-egypt-on-fourth-loan-review\/"},"modified":"2024-12-25T00:00:00","modified_gmt":"2024-12-25T00:00:00","slug":"imf-reaches-staff-level-agreement-with-egypt-on-fourth-loan-review","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/25\/imf-reaches-staff-level-agreement-with-egypt-on-fourth-loan-review\/","title":{"rendered":"IMF reaches staff-level agreement with Egypt on fourth loan review"},"content":{"rendered":"

Egypt unlocks USD 1.2 bn tranche from the IMF:<\/strong> The International Monetary Fund (IMF) has reached a staff level agreement with the Egyptian authorities on the fourth review of its USD 8 bn loan program, the Fund said in a statement<\/a> overnight. The agreement grants Egypt access to USD 1.2 bn \u2014 the biggest tranche of the program so far \u2014 after the Fund\u2019s executive board gives its stamp of approval. <\/p>\n

(Tap<\/strong> or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Right on time: <\/strong>We have been expecting<\/a> the staff-level agreement to be announced before Christmas. <\/p>\n

REFRESHER-<\/strong> The Fund completed its third review<\/a> of the country\u2019s loan program in late July and the USD 820 mn tranche landed in state coffers<\/a> just days later. Egypt received its second USD 820 mn tranche in April shortly after the IMF\u2019s executive board signed off<\/a> on a USD 5 bn extension for the facility and completed its long-delayed first and second reviews. <\/p>\n

A shift in priorities:<\/strong> \u201cIMF staff and the Egyptian authorities agreed to recalibrate the fiscal consolidation path to create fiscal space for critical social programs benefiting vulnerable groups and the middle class, while ensuring debt sustainability,\u201d Mission Chief for Egypt Ivanna Hollar said in the statement. <\/p>\n

The revised fiscal commitments: <\/strong>The two sides agreed to revisit Egypt\u2019s medium-term fiscal commitments \u2014 the country\u2019s primary surplus is now expected to come in at 4% in the fiscal year 2025-2026, down from the 4.5% penciled in pre-revision, and then increase to 5% in the following fiscal year. <\/p>\n

IN CONTEXT- <\/strong>Egypt achieved a primary surplus of 6.1%<\/a> during the fiscal year 2023-2024 and has penciled in a primary surplus of 3.5%<\/a> for the current fiscal year. <\/p>\n

We knew this was coming: <\/strong>IMF boss Kristalina Georgieva had previously voiced openness<\/a> to changing Egypt\u2019s loan terms at the request of Egyptian officials in light of economic pressures the nation is enduring as the country carries out reforms as part of the loan agreement. <\/p>\n

A focus on tax reforms over hikes:<\/strong> To boost tax revenues, authorities agreed to carry out a package of reforms that would increase the tax-to-GDP ratio by 2% over the next two years, \u201cwith a focus on the elimination of exemptions rather than an increase in tax rates.\u201d This would make up part of a broader reform package aimed at reducing debt vulnerabilities while expanding allocations for health, education, and social protection.<\/p>\n

Private sector push:<\/strong> Improving the business environment remains central to the reform agenda. Both sides emphasized the need to reduce the state\u2019s footprint in the economy<\/a>, level the playing field, rebuild investor confidence, and implement the public investment ceiling \u2014 the Finance Ministry introduced an EGP 1 tn public investment cap<\/a> for all state entities to help create space for private players. <\/p>\n

Privatization moves on the fast track? <\/strong>The two sides agreed that more needs to be done to accelerate the privatization program. \u201cThe authorities expressed commitment to redouble their efforts in this area,\u201d the statement read. <\/p>\n

We have big privatization hopes for 2025: <\/strong>Prime Minister Moustafa Madbouly recently<\/a>announced<\/a> that the government is planning to offer up stakes in ten state-owned companies in 2025. The offerings will be via direct sales to strategic investors and\/or through EGX listing.<\/p>\n

And monetary tightening stays:<\/strong> The Central Bank of Egypt reaffirmed its commitment to a flexible exchange rate and tight monetary conditions to curb inflation \u2014 which is expected to follow a downward trajectory<\/a> following November\u2019s unexpected slowdown. Plans to transition to a full-fledged inflation-targeting regime and improve banking sector governance are also on the agenda. <\/p>\n

All in all, we\u2019re on the right track: <\/strong>The IMF gave authorities credit for continuing to carry out key policies to preserve macroeconomic stability, despite geopolitical tensions and their impact on Suez Canal revenues \u2014 Suez Canal transit receipts saw a 24.3% y-o-y decrease during FY 2023-24<\/a> to record USD 6.6 bn on the back of a dip in both net tonnage and number of transiting ships. <\/p>\n","protected":false},"excerpt":{"rendered":"

The agreement grants Egypt access to USD 1.2 bn pending the Fund\u2019s executive board\u2019s approval<\/p>\n","protected":false},"author":1,"featured_media":657713,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[7106,104,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-debt","tag-economy","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"6ee2d6d5-0a27-42b9-80f5-e48682e6103d","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2218.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IMF reaches staff-level agreement with Egypt on fourth loan review","related_issue":[657707],"teaser":"The agreement grants Egypt access to USD 1.2 bn pending the Fund\u2019s executive board\u2019s approval","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.6514bd12-8e42-4674-af1b-fae909cfb8d6.mp3"},"yoast_head":"\nIMF reaches staff-level agreement with Egypt on fourth loan review - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/25\/imf-reaches-staff-level-agreement-with-egypt-on-fourth-loan-review\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF reaches staff-level agreement with Egypt on fourth loan review\" \/>\n<meta property=\"og:description\" content=\"The agreement grants Egypt 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staff-level agreement to unlock final tranche of USD 12 bn facility: Egypt has reached a staff-level agreement with the IMF over the disbursement of the sixth and final USD 2 bn tranche of its USD 12 bn extended fund facility, according to a statement issued by the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623639,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/09\/imf-reaches-staff-level-agreement-on-third-loan-review\/","url_meta":{"origin":657712,"position":1},"title":"IMF reaches staff-level agreement on third loan review","author":"enterpriseam admin","date":"9 June 2024","format":false,"excerpt":"The Fund warned that the impact of the war on Gaza and trade disruptions in the Red Sea could pose a threat to the country\u2019s economic outlook","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/671.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626423,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/02\/egypt-to-receive-fourth-tranche-of-imf-loan-next-week-following-boards-approval\/","url_meta":{"origin":657712,"position":2},"title":"Egypt to receive fourth tranche of IMF loan next week following board\u2019s approval","author":"enterpriseam admin","date":"2 July 2018","format":false,"excerpt":"Egypt expects to receive the fourth tranche of a USD 12 bn extended fund facility from the IMF this week, Finance Minister Mohamed Maait told Youm7. The IMF\u2019s board signed off on the disbursement of the USD 2.02 bn tranche on Friday; it will bring to USD 8 bn the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628982,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/imf-egypt-reach-staff-level-agreement-to-disburse-usd-2-bn-loan-tranche\/","url_meta":{"origin":657712,"position":3},"title":"IMF, Egypt reach staff-level agreement to disburse USD 2 bn loan tranche","author":"enterpriseam admin","date":"20 May 2018","format":false,"excerpt":"IMF, Egypt reach staff-level agreement to disburse USD 2 bn loan tranche: The IMF delegation that was in town reviewing Egypt\u2019s economic reform program has reached a staff-level agreement with the government to disburse the next USD 2 bn tranche of a USD 12 bn extended fund facility. The announcement\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621201,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/01\/egypt-reaches-staff-level-agreement-with-imf-on-fifth-tranche-of-usd-12-bn-facility\/","url_meta":{"origin":657712,"position":4},"title":"Egypt reaches staff-level agreement with IMF on fifth tranche of USD 12 bn facility","author":"enterpriseam admin","date":"1 November 2018","format":false,"excerpt":"** #4 Egypt reaches staff-level agreement with IMF on fifth loan tranche: Egypt reached a staff-level agreement with the IMF yesterday on the fifth USD 2 bn tranche of its USD 12 bn extended fund facility after a delegation led by Egypt Mission Chief Subir Lall completed its fourth review\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":662114,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/11\/usd-1-2-bn-are-coming-our-way-within-days-after-the-imf-board-completed-fourth-review-of-our-loan-program\/","url_meta":{"origin":657712,"position":5},"title":"USD 1.2 bn are coming our way within days after the IMF Board completed fourth review of our loan program","author":"enterpriseam admin","date":"11 March 2025","format":false,"excerpt":"The Board also approved USD 1.3 bn in funds under the Resilience and Sustainability Facility","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/790.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=657712"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657712\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/657707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/657713"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=657712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=657712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=657712"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=657712"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=657712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}