CAIRO, May 18 (MENA) - Prime Minister Dr Mostafa Madbouli announced that Egypt is undergoing its fifth review with the International Monetary Fund (IMF) as part of the ongoing economic reform program.

These remarks came during a joint press conference with the IMF’s Deputy Managing Director, who now oversees Egypt’s portfolio at the Fund.

The Prime Minister noted that four previous reviews have been completed successfully and that the current review will continue in the coming days.

He also reaffirmed Egypt’s commitment to the reform path, adding that the government continues to implement structural and fiscal changes with IMF support.

Madbouli described the program as a foundation for fiscal and monetary stability. He said the country has adopted a flexible exchange rate, expanded foreign reserves, and brought public debt under tighter control.

He reported real GDP growth of 3.9% in the first half of the current fiscal year. Private investment rose by 80%, foreign direct investment by 17%, and non-oil exports by 33%. Inflation dropped to 13.9% in April, compared to more than 37% a year ago. Unemployment fell below 7%, the lowest on record.

The budget deficit declined to 6.5% over ten months. Egypt aims to reduce public debt to 85% of GDP by the end of the year, down from over 96% two years ago.

The premier reaffirmed that the government remains committed to reform and is working closely with the IMF to conclude the review successfully. (MENA)

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