The IMF said last week that it will revise down the real GDP growth of 143 economies, which account for 86 percent of the global GDP, including countries in Africa, the Middle East, Asia, and Europe, in the wake of the Russian invasion of Ukraine.
Egypt is currently in talks with the IMF for a new loan programme, the fourth since 2016, which aims to offset the impact of the global economic crisis and continue with its second wave of structural reforms.
Egypt's first wave of reforms (from 2016 to 2019) was executed with an IMF-backed three-year programme and a $12 billion loan.
The country also obtained two loans from the IMF in 2020 with a value exceeding $8 billion to address the negative fallout of the pandemic.
The annual meetings of the IMF and WBG bring together central bankers, ministers of finance and development, private sector executives, representatives from civil society organisations, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.
This year's meetings will be held through 24 April.
In advance of the meetings, the World Bank launched its economic update on the Middle East and North Africa (MENA), which maintained Egypt’s real GDP growth at 5.5 percent in fiscal year (FY) 2021/2022, making it the only country in the group of middle-income oil-importing countries to keep its forecast despite the ongoing economic challenges globally, regionally and locally.
However, the report downgraded the country's forecast for FY 2022/2023 to 5 percent, down from 5.5 percent expected in January, driven by the consequences of the Ukraine war as well as the impacts of the pandemic.