The International Monetary Fund (IMF) has reached a staff-level agreement with Egypt to unlock $1.2bn in funds, contingent on tax reforms and divestments.
Ivanna Vladkova Hollar stated that, 'a comprehensive reform package is needed to ensure that Egypt rebuilds fiscal buffers and generates additional space for social spending in health and education.'
The agreement includes raising Egypt's tax-to-revenue ratio by 2 percent of GDP over two years, as well as accelerating the divestment of state-owned companies.
The IMF emphasizes the need for reforms to improve the business environment, reduce state influence, and enhance private sector confidence to attract foreign investment.
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