The International Monetary Fund raises the estimation of the financial gap in Egypt 16 billion to 17 billion,

IMF increases expectations of the financial gap in Egypt from $16 billion to $17 billion

1/10/2023 4:00:00 PM

The International Monetary Fund raises the estimation of the financial gap in Egypt from $16 billion to $17 billion, IMF Mission Chief for Egypt Ivanna Vladkova Hollar announced on Tuesday during an online conference.

She added that Egypt’s inflation will remain elevated in 2023 but is expected to lower to 7 percent in 2024/2025.

Egypt is required to submit an annual report on the progress of the State Ownership Policy.

The Washington based lender also said in a report that reduced its forecast for Egypt’s economic growth during the current fiscal year to 4% in newly released documents released by the Washington based lender on Tuesday, compared to the 4.4% that was projected in October 2022.

It also added that the Executive Board of the International Monetary Fund (IMF) approved a 46-month arrangement under the Extended Fund Facility (EFF) for Egypt in an amount of SDR 2,350.17 million (equivalent to 115.4 percent of quota or about US$3 billion).