Egyptian Finance Minister Ahmed Kouchouk announced on Monday that the International Monetary Fund (IMF) has approved the disbursement of the fourth tranche to Egypt, estimated at US$ 1.2 billion.
He also praised the decline in inflation, as announced by the Central Bank of Egypt, which closed a loop of past effects.
During an Iftar party organized by the Tax Authority on Monday evening, the Finance Minister noted the launch of a second package of tax facilities next fiscal year, with the readiness to implement customs and real estate tax facilities.
He said that tax revenues grew by about 45 percent in the first half of the current fiscal year if the impact of the decline in Suez Canal taxes is neutralized – the highest growth rate in the Tax Authority.
The spokesperson for the IMF, Julie Kozack, said back in February that the Fund had been finalizing some items related to the fourth review to approve the disbursement, RT Arabic reported.
The Fund’s mission conducted its fourth review with the Egyptian government last December and announced that it had reached a staff-level agreement with the government under the eight billion dollar loan to support Egyptian economic reforms.
On the reform front, she pointed out that the priorities include reducing inflation, maintaining exchange rate flexibility, and liberalizing access to foreign currency.
She noted that the program focuses on strengthening domestic revenues, improving the business environment, accelerating divestment programs from investments, ensuring a level playing field between state-owned enterprises and the private sector, in addition to promoting governance and transparency.
