The International Monetary Fund lowered its forecast for the growth of the Egyptian economy, expecting it to grow at a rate of 4 percent, compared to a growth expected in a previous report last October at 4.4 percent.
The International Monetary Fund ruled out the decline of the inflation wave in Egypt two years ago, expecting inflation to decline to 7 percent in the fiscal year 2024-2025.
The head of the International Monetary Fund's mission to Egypt, Ivana Holler, estimated the financing gap in Egypt at about $17 billion over the next four years. Faced with the dollar crisis in Egypt, the government directed its ministries to cut unnecessary spending until the end of the fiscal year at the end of next June. The decision included postponing any new national projects that have not been started and “have a clear dollar component,” in addition to requiring government agencies to obtain the approval of the Ministry of Finance to “authorize spending with the foreign component, on any of the aspects of spending.” The provisions of the decision do not apply to the ministries of health, interior, defense, and the general office of the Ministry of Foreign Affairs, nor to the authorities in charge of managing food commodities, petroleum materials, and gas. The rationalization controls include all travel abroad, except for extreme necessity, and with the approval of the Prime Minister. Activities categorized as non-essential needs include marketing and conference activities, as well as grants and staff training.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
