Prime Minister Mostafa Madbouly said that Egypt is not seeking new financing arrangements with the International Monetary Fund once its current program ends later this year. He said On Thursday, June 4, during a cabinet session.
In statements to reporters after the weekly cabinet meeting, Madbouly said that cooperation with the International Monetary Fund is still on track, and the current program is expected to end in December without the need for immediate negotiations on a new agreement.
prime minister user The conference aims to identify the main economic priorities for the next fiscal year, including a package of tax exemptions and property-related incentives aimed at attracting new investments and supporting private sector activity. The government hopes that these measures will encourage local and international companies to expand their operations in Egypt.
Madbouly pointed to recent economic indicators as evidence of resilience, noting that growth reached 5.3% despite continuing geopolitical tensions across the region. He also highlighted the relative stability of Egyptian debt markets, saying that investor confidence remained intact even during periods of escalating regional conflict.
Madbouly said that the government’s new budget will focus more on social services and industrial development. Healthcare spending is set to rise by 30 percent, while education allocations will rise by 20 percent.
Officials are also moving forward Plans To reduce the role of the state in parts of the economy. It is expected that several state-owned companies will be listed on the Egyptian Stock Exchange in the coming months as part of the government’s broader asset exit strategy.
Madbouly said that Egypt seeks to expand local production of pharmaceutical ingredients, accelerate renewable energy investments, and enhance logistics infrastructure. Among the projects expected to be unveiled soon is a major logistics distribution center within the Suez Canal Economic Zone, a development that the government considers pivotal to its ambitions to become a regional trade center.
Egypt’s IMF-supported reform program remains a subject of considerable debate. Critics He argues The reforms imposed high costs on families through repeated devaluations, rising prices, and declining purchasing power.