IMF expects Egypt’s economy to grow by 4% in FY 2022/2023

The International Monetary Fund expected Egypt’s economy will grow by 4% in the 2022/2023 current fiscal year (FY), 5.3% in the fiscal year 2023/2024 and 5.7% in the fiscal year 2024/2025.

In a statement released on Tuesday 10/1/2023, the IMF anticipated Egypt’s budget revenues to hit EGP 1.6 trillion in the fiscal year 2022/2023, EGP 1.9 trillion in the fiscal year 2023/2024 and EGP 2.2 trillion in the fiscal year 2024/2025.

The IMF stated the loan agreement reached with Egypt aims to stimulate economic growth led by the private sector, stabilize the foreign exchange market and maintain price stability to absorb external shocks.

In December 2022, Egypt has reached a 46-month staff-level agreement with the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) to receive a loan worth about $ 3 billion.

The IMF projected the annual core inflation rate to decrease by 7% by the fiscal year 2024/2025 and the State budget will achieve 2.1% surplus of GDP.

Source: State Information Service Egypt