“It is a message of reassurance reflecting the Egyptian economy's ability to strengthen economic stability, achieve financial and developmental targets, and enhance the social security programme,” Kouchouk added.

He also noted that Egypt expects to secure the loan's third tranche valued at $820 million in the next few days.

The International Monetary Fund (IMF) completed the third review of the Extended Fund Facility (EFF) loan programme for Egypt on Monday.

The loan started in December 2022 and is expected to end in September 2026.

Minister Kouchouk added that Egypt's public finances have shown cohesion and flexibility in the face of global and regional economic challenges linked to geopolitical tensions and their implications.

These include a rise in prices due to an acute inflationary wave resulting from disruptions in supply chains, an increase in the cost of financing, and a state of uncertainty in the market.

The Egyptian government achieved good budget performance indicators over the past year, starting this year with promising indicators despite the economic pressures and adverse external circumstances that affect the country's economy, noted Kouchouk.

Furthermore, he stated that fiscal policies target increasing expenditure on health, education, and social security to lighten the load on citizens.

This was especially evident in the overall debt decline to 89 percent at the end of the fiscal year 2023/2024.

“We are continuing the economic structural and corrective reforms to allow the private sector to drive the engine for development and economic growth,” Kouchouk stressed.

In addition, he highlighted the importance of improving the business climate and tax and customs system to stimulate investment flows to the private sector and strengthen its contribution to the economy.