The International Monetary Fund (IMF) has slashed its forecast for Egypt’s real gross domestic product (GDP) for the upcoming fiscal year (FY) 2024/2025 to 4.4% from a previous outlook of 4.7%, according to the institution’s recent World Economic Outlook (WEO) report.

However, the IMF has maintained its projection for Egypt’s real GDP growth in 2024 at 3%.

Egypt's inflation is expected to peak at 32.5% in FY 2023/2024 and then decline to 25.7% in 2024/2025, according to the report.

The fund is expected to complete the third review under the Extended Fund Facility (EFF) for Egypt by the end of June 2024, enabling the country to draw about $820 million of the $8 billion loan program.

In March, the IMF completed the first and second reviews of the Extended Fund Facility (EFF) deal with Egypt as well as approved to extend the loan program with the country by $5 billion.

On December 16th, 2022, the IMF approved the 46-month EFF arrangement for Egypt.

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