Finance Minister: IMF raises its forecast for Egypt’s economic growth to 4.7% in 2027

Minister of Finance Ahmed Kouchouk announced that the International Monetary Fund (IMF) has upgraded its forecast for Egypt's economic growth to 4.7 percent in 2027, an increase from the previous projection of 4.4 percent. Kouchouk emphasized that transparent dealings with investors contribute to predictability and bolster confidence in Egypt's economic path.

At JPMorgan and Bank of America's meetings held during the IMF and World Bank's annual sessions, Kouchouk stated, "Our economy is progressing in the right direction, and indicators are improving as economic and fiscal reforms are being implemented." He outlined a balanced strategy to maintain advancements, bolster financial stability, stimulate investment, and boost production and exports.

Kouchouk highlighted the proactive measures taken to tackle shocks, which have been well-received by investors and markets. Egypt's economic performance is strong, driven by growth in economic activity and increased private-sector investment. The primary surplus reached 4.9 percent, while the budget deficit dropped to 5.8 percent of GDP during the previous fiscal year.

Kouchouk noted that tax facilitation, partnership-building, and trust-building with taxpayers have led to a 27 percent increase in voluntary compliance and tax revenues, without adding any extra financial burden. Egypt is also dedicated to reducing the external debt of budget-sector entities annually by about one billion to two billion dollars.

The government aims to diversify funding sources and extend debt maturities to finance needs at the lowest cost and with the longest repayment period.