An IMF delegation is now visiting Cairo to review the recent updates on the country’s economic reform program as a preparation for providing the country with the second tranche of a USD 1.25-bn loan, Invest-Gate reports.
The visit, which will last until May 11, aims at reviewing Egypt’s plans to reduce the public debt and the inflation rate, according to Minister of Finance Amr El-Garhy.
El-Garhy says that the delegation will evaluate the plans Egypt has made to achieve the targeted GDP growth and the efforts to reduce the gap of budget and trade deficits. Deputy Minister of Finance Ahmed Kouchouk says that the government’s program seeks to achieve a GDP growth rate of 5.5% in the fiscal year (FY) 2018/2019.
Egypt aims at reducing the governmental debt to 90% of the GDP and also lowering the deficit to 3.5% of the GDP in the FY 2018/2019, Kouchouk adds.