IMF Mission to Egypt: Improvement in Targeting of Energy Subsidies

Cairo

A staff mission from the International Monetary Fund visited Cairo during April 2-15. At the conclusion, Andreas Bauer, Mission Chief for Egypt, issued the following statement:

“The mission made progress in the discussions with the Egyptian authorities on their economic program and possible financial support from the IMF.

“The authorities have already taken valuable first steps to improve the targeting of energy subsidies and are seeking to broaden their revenue base. They intend to build on these steps with further actions to address – in a socially balanced way – the country’s fiscal and balance of payments deficits, and create conditions for a sustained recovery of the economy.

“The mission was encouraged by the constructive positions and views expressed by the representatives of political parties on economic reforms and possible IMF support. All sides concurred on the need to protect the vulnerable sectors of society when implementing reform measures.

“Discussions with the authorities will continue with the objective of reaching agreement on a possible Stand-By Arrangement in support of Egypt.”

CFI

Recent Posts

LegalOne: Driving Innovation and Financial Inclusion for National Development

LegalOne Global Limited has established itself as a trusted authority in independent ratings and business…

23 hours ago

More Than a Bank: Banco Azteca as a National Platform for Social Resilience

A financial institution’s value is not proven in moments of calm—it is tested in moments…

5 days ago

Technology with a Human Touch: SegurCaixa Adeslas Reinforces Its Market Leadership through Innovation

SegurCaixa Adeslas strengthens its market dominance in Spain through a forward-looking strategy centred on digitalisation,…

5 days ago

China’s Silver Bullet: How ‘Silver Trains’ Could Boost the Economy

As the world’s most populous nation confronts an ageing demographic and navigates economic headwinds, including…

1 week ago

Berenberg Investment Consulting: Innovation at the Heart of Institutional Advisory

With centuries of banking tradition, Berenberg continues to evolve, combining deep expertise with technological innovation.…

2 weeks ago

eCapital: Scaling Capacity, Expanding Reach, and Redefining SME Finance

With syndicated lending capacity reaching $2.6bn and a growing international footprint, eCapital is reshaping how…

3 weeks ago