Egypt, IMF to map out most effective, comprehensive reform paths

The prime minister said this would be done carefully to preserve "the positive results of reforms," which will positively impact the Egyptian economy.

Madbouly emphasized that the government will continue implementing the economic reform programme it initiated, taking the necessary measures to achieve its objectives.

A key component of this effort, he said, is the Initial Public Offering (IPO) programme, which is in line with the State Ownership Policy.

He also noted that Fitch Ratings had upgraded Egypt's rating to "B" for the first time in four years, with a stable outlook.

This upgrade is attributed to the increase in foreign currency inflows and the successful implementation of recent reforms, particularly making the exchange rate flexible.

Moreover, Madbouly briefed government members on the discussions that took place in President Abdel-Fattah El-Sisi's meeting with the IMF Managing Director Kristalina Georgieva.

He noted that President El-Sisi expressed Egypt's keenness to continue cooperation with the IMF in the short term and build on the progress achieved so far.

The cooperation aims at strengthening economic stability, reducing inflation rates, and addressing the evolving challenges Egypt has faced due to regional and international crises.

Madbouly also revealed that the IMF had forecasted Egypt's GDP growth rate to rise from 2.4 percent this year to 4 percent in 2025.