IMF and Egypt reach staff-level agreement on seventh review of reform program
via Egypt Today1 min read
The International Monetary Fund and Egypt have reached a staff-level agreement on the seventh review of Egypt's economic reform program. This agreement, if approved by the IMF Executive Board, would unlock approximately $1.6 billion in financing, including $1.5 billion under the Extended Fund Facility and $136 million through the Resilience and Sustainability Facility. The IMF noted Egypt's economic resilience despite regional and global pressures, with real GDP growth reaching 5 percent in the third quarter, bringing the first three quarters of the fiscal year to 5.2 percent. Gross international reserves remained stable, and portfolio inflows supported the exchange rate. Egypt also exceeded primary balance and tax revenue targets by March 2026, with the primary surplus projected to rise to 5 percent of GDP in FY2026/27. Progress in domestic revenue mobilization is expected to increase the tax-to-GDP ratio by 1.2 percentage points this year. However, the IMF warned of risks from geopolitical tensions and global inflation, with headline urban inflation projected to reach 15.8 percent by the end of the fiscal year. The fund emphasized the importance of exchange rate flexibility, improved debt management, and accelerated structural reforms, including the State Ownership Policy, to boost private sector-led growth and job creation.
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The Academy of Motion Picture Arts and Sciences has invited Egyptian editor Ahmed Hafez, Egyptian production designer Mohamed Attia, and Canadian Jordanian composer Suad Bushnaq to join its membership. This marks significant milestones: Hafez is the first Egyptian editor, Attia the first Egyptian production designer, and Bushnaq the first Arab woman in music composition to join the Academy. Ahmed Hafez has over two decades of experience, more than 50 titles, and over 25 awards, with credits including Marvel鈥檚 MOON KNIGHT and Egyptian box-office hits. Mohamed Attia is an acclaimed production designer who has collaborated with leading filmmakers and shaped major Egyptian cultural events like the Pharaoh鈥檚 Golden Parade. Suad Bushnaq is a multi-award-winning film music composer with over 60 works across various genres, whose scores have been featured in numerous international festivals and earned her multiple Canadian Screen Music Awards and Hollywood Music in Media Awards.
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