IMF Staff Country Reports

Arab Republic of Egypt: Third Review Under the Extended Arrangement Under the Extended Fund Facility, Monetary Policy Consultation Clause, Requests for Waivers of Nonobservance of a Performance Criterion and Applicability of Performance Criteria, and Request for Modification of Performance Criteria-Press Release; and Staff Report

August 26, 2024

Download PDF More Formats on IMF eLibrary Order a Print Copy
More formats on IMF eLibrary Order a Print Copy

Preview Citation

Format: Chicago

International Monetary Fund. Middle East and Central Asia Dept. "Arab Republic of Egypt: Third Review Under the Extended Arrangement Under the Extended Fund Facility, Monetary Policy Consultation Clause, Requests for Waivers of Nonobservance of a Performance Criterion and Applicability of Performance Criteria, and Request for Modification of Performance Criteria-Press Release; and Staff Report", IMF Staff Country Reports 2024, 274 (2024), accessed November 21, 2024, https://0-doi-org.library.svsu.edu/10.5089/9798400288869.002

Export Citation

  • ProCite
  • RefWorks
  • Reference Manager
  • BibTex
  • Zotero
  • EndNote

Summary

This paper presents Arab Republic of Egypt’s Third Review under the Extended Arrangement under the Extended Fund Facility (EFF), Monetary Policy Consultation Clause, Requests for Waivers of Nonobservance of a Performance Criterion and Applicability of Performance Criteria, and Request for Modification of Performance Criteria. The Egyptian authorities’ recent efforts to restore macroeconomic stability have started to yield positive results. Inflation remains elevated but is coming down. A flexible exchange rate regime remains a cornerstone of the authorities’ program. However, the regional environment remains difficult, and complex domestic policy challenges require decisive implementation of the authorities’ reform program. Continued fiscal consolidation, with strengthened revenue mobilization, to create the space needed to expand social programs. Meaningfully advancing with the structural reform program would significantly improve growth prospects. Managing the resumption of capital inflows prudently will also be important to contain potential inflationary pressures and limit the risk of future external pressures.

Subject: Budget planning and preparation, Exchange rate arrangements, Foreign exchange, Public financial management (PFM), Revenue administration

Keywords: Budget planning and preparation, Consultation band, Currency government T-bills, Exchange rate arrangements, Global, Headline consumer price inflation, Monetary policy committee, NIR floor, Supplementary letter of intent, Waiver request

Publication Details

You May Also Be Interested In...

VITARA Reference Guide: Institutional Governance

November 21, 2024

Burkina Faso: Report on Government Finance Statistics Mission (March 18–29, 2024)

November 18, 2024

EBA-Lite 3.0 Model and Methodology

November 18, 2024

Islamic Republic of Mauritania: Technical Assistance Project on Public Debt Projections: Scoping Mission Report

November 15, 2024