IMF forecasts rise in Egypt gross international reserves

In its staff report for the third review under Egypt's $8 billion loan programme, the IMF forecast a rise of 40.889 percent from $47.2 billion in FY2024/25 to $66.5 billion in FY2028/29.

Egypt is committed to allocating a significant portion of the proceeds from its landmark deal Ras El-Hekma to the gross international reserves to improve the country’s ability to handle future shocks through reinforcing its buffers, IMF Mission Chief of Egypt, Ivanna Vladkova Hollar said in previous remarks.

The $35 billion Ras El-Hekma deal, signed in February, provided a substantial boost to Egypt's foreign direct investment.

Furthermore, the IMF’s staff report also stated that the stock of Egypt’s both gross and net International reserves surpasses its obligations and offers a safeguard for making its payments.