A snap shot of Julie Kozack, Head of the IMF’s Communications Department speaking during a virtual press conference. Ahram.
Kozack, who held the Fund's hybrid press briefing on Thursday, made her remarks in response to Ahram Online's question about the expected time of arrival of the Fund's mission to initiate the three reviews.
She said the mission comes at a time when Egypt’s macroeconomic outlook continues to improve, with economic growth gaining momentum, inflation easing since the start of the year, and fiscal discipline being preserved.
Kozack noted, however, that the country still faces several structural challenges, including a low tax-to-GDP ratio, elevated public debt, high financing needs, energy-related fiscal pressures, and a strong state footprint in the economy.
She highlighted that Egyptian authorities have made “important efforts recently” to strengthen forward-looking policy frameworks.
These include developing a robust institutional system for divesting state assets, conducting an independent review of corporate and risk governance in state-owned banks, and intensifying debt management efforts as Egypt’s financing outlook improves.
Commenting on the latest deal Egypt signed with Qatar for the development of the coastal Alam Al-Roum area, Kozack clarified that the agreement is a matter between the two governments.
From the IMF’s perspective, she said, Egypt has multiple options to attract foreign direct investment, including through the sale of stakes in state-owned enterprises.
“What matters under the IMF-supported program,” Kozack stressed, “is that proceeds from such divestments contribute to strengthening Egypt’s international reserves and reducing public debt — key steps toward reinforcing economic stability and improving living standards for all Egyptians.”
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