Egypt’s Prime Minister Mostafa Madbouly – press photo
CAIRO – 31 July 2026: Prime Minister Moustafa Madbouly welcomed on Friday, the International Monetary Fund (IMF) Executive Board’s decision to complete the seventh review under Egypt’s Extended Fund Facility (EFF) program and the second review under the Resilience and Sustainability Facility (RSF), saying the move reflects continued confidence by international institutions in the country’s economic reform program.
Madbouly said the completion of the two reviews enables Egypt to immediately draw the equivalent of 1.31 billion Special Drawing Rights (SDRs), valued at around dlrs 1.77 billion, including 1.11 billion SDRs (approximately dlrs 1.5 billion) under the EFF program and 200 million SDRs (about dlrs 272 million) under the RSF.
This brings total financing Egypt has received under the two facilities to around 5.4 billion SDRs, equivalent to approximately dlrs 7.3 billion.
The prime minister said the IMF Executive Board’s decision extends beyond the completion of the reviews and the availability of additional financing, highlighting the significance of the IMF’s assessment of Egypt’s economic performance.
He said the IMF report confirmed that Egypt confronted the repercussions of the regional conflict from a stronger macroeconomic position than during previous periods of external pressure, thanks to economic reforms that enhanced the economy’s resilience and ability to absorb shocks.
Madbouly noted that the report praised the state’s effective and swift response to regional developments through an integrated package of policies, including exchange rate flexibility, energy price reforms and tighter public expenditure management.
These measures helped limit the economic impact of regional tensions and preserve macroeconomic stability despite continued uncertainty.
He added that the report highlighted the ongoing recovery of economic activity, with real GDP growth reaching 5% in the third quarter of fiscal year 2025/2026 and averaging 5.2% during the first nine months of the fiscal year.
The IMF expects growth to reach around 4.6% by the end of the fiscal year, reflecting continued improvement in economic performance despite external challenges.
The prime minister said the IMF report also underscored the resilience of Egypt’s external sector, citing record growth in remittances from Egyptians abroad, strong tourism performance, the gradual recovery of Suez Canal revenues, and energy hedging policies as key factors that helped contain external pressures and maintain strong international reserves, which exceeded 119% of the international reserves adequacy metric.
Madbouly further noted that the IMF recognized the strength of Egypt’s fiscal performance, with the government exceeding targets for the primary surplus and tax revenues while continuing efforts to reduce financing needs, reflecting progress in achieving fiscal discipline and strengthening public finance sustainability.
He said the government views the IMF report as confirmation of the soundness of Egypt’s economic reform trajectory and as an incentive to accelerate structural reforms, particularly those aimed at expanding the private sector’s role, implementing the State Ownership Policy Document, advancing the government offerings program, and improving the business climate.
These measures, he added, will contribute to increasing domestic and foreign investment, raising growth and employment rates, and enhancing the competitiveness of the Egyptian economy.
Madbouly affirmed that the government will continue implementing its national economic reform program while maintaining a balance between macroeconomic stability and expanding social protection, with the aim of improving citizens’ living standards, strengthening the economy’s capacity to withstand regional and global challenges, and achieving sustainable, private sector-led growth.
