{"id":662190,"date":"2025-03-12T00:00:00","date_gmt":"2025-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/12\/imf-calls-for-increased-efforts-on-the-structural-reforms-agenda-and-more-from-its-fourth-review\/"},"modified":"2025-03-12T00:00:00","modified_gmt":"2025-03-12T00:00:00","slug":"imf-calls-for-increased-efforts-on-the-structural-reforms-agenda-and-more-from-its-fourth-review","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/12\/imf-calls-for-increased-efforts-on-the-structural-reforms-agenda-and-more-from-its-fourth-review\/","title":{"rendered":"IMF calls for increased efforts on the structural reforms agenda and more from its fourth review"},"content":{"rendered":"

Egypt\u2019s <\/strong>fourth loan re<\/strong>view showed that more needs to be done on the structural reform <\/strong>agenda. <\/strong>\u201cProgress with the implementation of the structural reform agenda was mixed, with notable delays on critical reforms related to divestment and leveling the playing field,\u201d the IMF said in a statement<\/a> after its Executive Board completed the fourth review. <\/p>\n

(Tap 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

Not the first time we hear of this: <\/strong>The two sides had previously agreed<\/a> that more needs to be done to accelerate the privatization program. And while we kicked in 2025 with big privatization aspirations after Prime Minister Moustafa Madbouly announced<\/a> that the government is planning to offer up stakes in ten state-owned companies throughout the year, we are yet to see any of that materialize. <\/p>\n

It\u2019s not all bad: <\/strong>\u201cThe authorities have taken more decisive action this year with the implementation of a number of critical structural reforms, including through steps to enhance the operational independence of the Egyptian Competition Authority (ECA), with a view to improving competition in product and service markets, and selecting an international consulting company to prepare a study on governance practices related to public banks to increase financial sector efficiency and transparency,\u201d the statement read. <\/p>\n

ICYMI- <\/strong>The Board completed<\/a> the fourth review of Egypt\u2019s USD 8 bn program earlier this week, allowing for the disbursement of USD 1.2 bn \u2014 the biggest tranche of the program so far. <\/p>\n

We\u2019ll see the money very soon: <\/strong>IMF executive director and former finance minister Mohamed Maait told local news that we can expect the funds to land in state coffers within days. <\/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

Where does that leave the program? <\/strong>With this latest disbursement, Egypt will have received a little over USD 3.2 bn from the USD 8 bn. <\/p>\n

Our request for some leniency was also okayed by the board: <\/strong>The Board also approved \u201cthe authorities\u2019 request for waivers of nonobservance and modification of performance criteria\u201d and their requested to \u201crecalibrate [their] medium-term fiscal commitments.\u201d The two sides had agreed to \u201crecalibrate the fiscal consolidation path to create fiscal space for critical social programs\u201d when they signed the staff-level agreement back in December. <\/p>\n

What does this entail? <\/strong>The primary balance surplus is now expected to hit 4% of GDP next fiscal year, down 0.5 percentage points from previous commitments. The figure is expected to reach 5% of GDP in the fiscal year 2026-2027.<\/p>\n

Falling off track: <\/strong>\u201cProgress toward fiscal consolidation in the first half of FY 2024-25 was less strong than initially projected under the program despite strong growth in tax revenue collections. The authorities are taking steps to contain spending in the second-half of the fiscal year, to ensure that the end-year fiscal target for FY 2024-25 is met,\u201d the statement read. <\/p>\n

And external challenges beyond our control aren\u2019t helping<\/strong>, the Fund says, pointing to Red Sea trade disruptions and the war in Sudan and what it resulted in from an influx of refugees. <\/p>\n

We\u2019re also making progress maintaining macroeconomic stability<\/strong>, the Fund said, referring to the country\u2019s growth and primary fiscal balance despite regional tensions that have hurt revenues from the Suez Canal. <\/p>\n

But we still have ways to go: <\/strong>\u201cLooking ahead, continuous vigilance will be needed to ensure that this reform is consolidated further over time so that economic agents perceive the exchange rate as truly flexible,\u201d the statement said referring to the float of the EGP. <\/p>\n

MAAIT LETS US IN ON THE DETAILS OF THE CLIMATE FINANCING- <\/p>\n

We have an idea of what projects could receive financing:<\/strong> The USD 1.3 bn in funds we secured under the under the Resilience and Sustainability Facility are set to be directed towards climate-related projects in Egypt \u2014 namely ones that pertain to the expansion of renewable energy, emission reduction, water, and combating desertification, Maait told EnterpriseAM. \u201cThe RSF arrangement will support key reforms to accelerate decarbonization, strengthen the management of environmental risks, and assess the effects of investment plans on achieving resilience,\u201d the IMF said in its statement. <\/p>\n

The sizes of the tranches, as well as the disbursement and repayment mechanisms, <\/strong>remain unk<\/strong>nown<\/strong>, Maait told us, adding that they will be determined with the Egyptian government at a later stage.<\/p>\n

More green financing in the pipeline?<\/strong> The Finance Ministry has been planning<\/a> to issue USD 1-1.5 bn worth of eurobonds or green bonds in international markets, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official told EnterpriseAM back in January. The Madbouly government has been holding discussions with international offering advisors to identify the best options for debt issuances in the coming period, the source added.<\/p>\n

The news received a lot of ink in the international pages: <\/strong>Reuters<\/a> | Bloomberg<\/a> | The<\/a>National<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Board completed the fourth review of Egypt\u2019s USD 8 bn program earlier this week, allowing for the disbursement of USD 1.2 bn<\/p>\n","protected":false},"author":1,"featured_media":662191,"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":[104,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-662190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"d53b8a0d-708b-41e4-9f0c-84fd9b627460","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/49.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IMF calls for increased efforts on Egypt\u2019s structural reforms agenda and more from its fourth review","related_issue":[662185],"teaser":"The Board completed the fourth review of Egypt\u2019s USD 8 bn program earlier this week, allowing for the disbursement of USD 1.2 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.226a925c-433d-4aa4-b1fe-3d07c20597ad.mp3"},"yoast_head":"\nIMF calls for increased efforts on the structural reforms agenda and more from its fourth review - 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Lagarde, who lauded Egyptians for their \u201cpatience\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":662190,"position":1},"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":[]},{"id":563371,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/egypt-wont-need-to-tap-lenders-for-the-time-being-says-imf\/","url_meta":{"origin":662190,"position":2},"title":"Egypt won\u2019t need to tap lenders for the time being, says IMF","author":"enterpriseam admin","date":"29 June 2021","format":false,"excerpt":"Egypt does not need additional external financing at the moment thanks to structural policy and fiscal reforms that have course-corrected the economy, IMF mission chief Celine Allard said yesterday during a virtual press conference, Masrawy reports. 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