Egypt has reached an agreement with the International Monetary Fund (IMF) on a new program which will be announced very soon, Finance Minister Mohamed Maait said on Sunday.
Speaking on the sidelines of the IMF’s annual meetings in Washington, Maait said the finance ministry is still working to repair the financial landscape in Egypt in a bid to sustain economic gains.
Maait had “very fruitful” talks with IMF experts during her visit to Washington. He published them on Egypt’s efforts over the past year which resulted in an initial surplus of 1.3% in Gross Domestic Product (GDP) and a growth rate of 6.6%.
There was also a 19% increase in annual tax revenue and a decline in the budget deficit from 13% in 2012-2013 to 6.1% in the last fiscal year, the minister told IMF experts.
Maait said his ministry is looking at a budget deficit of 6% this fiscal year and 4% by 2026-2027.
Work is also underway to improve the efficiency of public spending and ensure optimal use of state resources, he said.
The Minister also referred to efforts to improve the budget structure and enhance financial transparency so as to help achieve economic and development goals.