Egypt, IMF experts agree on new program, says finance min

Egypt has reached an agreement with the International Monetary Fund (IMF) about a new program that will be announced very soon, said Finance Minister Mohamed Maait Sunday.

Speaking on the fringe of the annual IMF meetings in Washington, Maait said that the Finance Ministry is still acting to repair the financial landscape in Egypt with the aim to maintain the economic gains.

Maait had “very fruitful” talks with IMF experts during his visit to Washington. He posted them on efforts exerted by Egypt in the past year that translated into an initial surplus of 1.3 percent of the Gross Domestic Product (GDP) and a growth rate of 6.6 percent.

There was also a 19-percent increase in annual tax revenues, and a drop in budget deficit from 13 percent in 2012-2013 to 6.1 percent in the last fiscal year, the minister told the IMF experts.

Maait said his Ministry is eyeing a 6-percent budget deficit this fiscal year and 4 percent by 2026-2027.

Work is also underway to enhance the efficiency of public spending and guarantee optimal use of state resources, he said.

The minister also touched upon efforts to improve the budget structure and boost financial transparency in a way that would contribute to achieving economic and development goals.

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