Kozack made her remarks in response to questions by Ahram Online on the ongoing discussions the IMF's mission to Egypt is currently holding with Egyptian authorities concerning the fifth review of the $8 billion Extended Fund Facility (EFF) loan programme. This review is the second under the loan, the amount of which was raised from $3 billion to $8 billion in March.
A team from the IMF arrived in Cairo earlier this month for the final discussion of the fifth review of the country's EFF) programme. Completing this review paves the way for Egypt to receive a tranche of $1.2 billion.
Kozack noted that the IMF acknowledged Egypt's evident progress under its macroeconomic reform programme, particularly in recent improvements in inflation levels and the accumulation of foreign exchange reserves.
"For the past few weeks, IMF staff have held productive discussions with Egyptian authorities on economic performance and policy direction under the EFF," Kozack told Ahram Online.
She added: "As macroeconomic stabilization gains momentum, the priority must now shift towards accelerating structural reforms aimed at reducing the state's footprint in the economy, fostering fair competition, and enhancing the overall business environment".
Kozack affirmed the importance of levelling the playing field to unlock the full potential of Egypt's private sector, a key pillar for achieving sustainable economic growth and job creation.
She stated that the discussions between the IMF and the Egyptian authorities would continue in the coming weeks. These discussions will focus on the remaining policy measures and reform commitments necessary to complete the fifth review of the $8 billion EFF arrangement.
According to Kozack, the IMF underscored that the successful implementation of these reforms will be essential to unlocking further tranches of financial support and solidifying investor confidence.
In response to a follow-up question from Ahram Online regarding the fifth review mission, currently still under discussion, Kozack stated that the mission has concluded its fieldwork. "The mission finished discussions in the field, and the meetings will continue virtually to finalize agreement on remaining policies and reforms that could support completion of the fifth review."
The review is especially significant as Egypt approaches the end of its fiscal year in June and continues to navigate regional and global economic pressures, including disruptions in Suez Canal revenues and inflationary challenges.
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