Press Release No. 24/34

Egypt: End-of-Mission Statement on First and Second EFF-Review

February 1, 2024

Cairo, Egypt: An International Monetary Fund (IMF) mission team led by Ivanna Vladkova Hollar visited Cairo during January 17-February 1, 2024 to conduct discussions toward the completion of the first and second reviews of Egypt’s reform program supported by the IMF’s Extended Fund Facility (EFF).

At the end of the visit, Ms. Vladkova Hollar issued the following statement:

“The IMF team and the Egyptian authorities made excellent progress on the discussions of a comprehensive policy package needed to reach a Staff Level Agreement (SLA) for the combined first and second reviews of Egypt’s economic reform program supported by the IMF.

“To this end, the IMF team and the Egyptian authorities have agreed on the main policy elements of the program. The authorities expressed a strong commitment to act promptly on all critical aspects of Egypt’s economic reform program.

“The IMF team and the Egyptian authorities also agreed on the critical importance of strengthening social spending to protect vulnerable groups. This is important to ensure adequate living conditions for low and middle-income households that have been hit particularly hard by rising prices.

“The mission and the authorities will continue discussions virtually over the coming days to finalize the Memorandum of Economic and Financial Policies (MEFP), and identify the magnitude of additional support from the IMF and other bilateral and multilateral development partners needed to help close Egypt’s increased financing gaps in the context of recent shocks.

“The mission would like to thank the authorities for their warm hospitality and constructive dialogue”.