CAIRO – Julie Kozack, the Communications Department Director of the IMF, said the IMF will continue support for Egypt’s resilience and reform efforts to maintain economic stability.
Speaking at a press briefing, she said the Managing Director, Kristalina Georgieva, had a very constructive visit to Egypt, which underscored the IMF support for Egypt’s resilience and reform efforts to maintain economic stability.
The economic outlook for Egypt does remain challenging and the authorities have taken key reforms, they have implemented key reforms to preserve macroeconomic stability, she added.
“It will be important for Egypt to continue to maintain a strong fiscal discipline to reduce public sector debt vulnerabilities. Very importantly, enhancing private sector growth and accelerating divestment plans to speed up reforms to level the playing field and reduce the footprint of the state and the economy will be important, Kozack added.
“Raising sufficient revenue for essential programs, particularly health, education and social safety nets is also going to be critical,” she said.
“Reforms will also need to focus on enhancing tax equity, broadening the tax base and reducing tax exemptions rather than increasing tax rates,” she added.
She also underlined that strengthening the social safety nets to protect vulnerable groups from the rising cost of living, energy price hikes and other issues will be essential.
