CAIRO: Egypt has made progress toward macroeconomic stability and has been streamlining tax and customs procedures, but still needs to widen its tax base, the International Monetary Fund said on Tuesday after a review mission to the country.
An IMF team visited Egypt from May 6 to May 18 as part of its fifth review of an $8 billion financial support agreement signed in March 2024.
“Egypt has made substantial progress toward macroeconomic stability,” said IMF Mission Chief for Egypt Vladkova Hollar, who led the team.
“Growth is expected to continue strengthening, and we upgraded our forecast for FY24/25 to 3.8 percent, in light of the stronger-than-expected outturn in the first half of the year,” Hollar said in a statement.
A Reuters poll of 17 analysts last month also forecast growth of 3.8 percent in the 2024/25 fiscal year, which began in July.
Egypt’s central bank said last week the economy grew by 4.3 percent in the October-December quarter and projected it would grow by 5.0 percent in January-March.
The IMF statement said better oversight and control over large public sector infrastructure projects was helping to contain demand pressure.
The authorities were working to modernize and streamline tax and customs procedures, it added.
“These reforms are starting to yield positive results. Alongside these efforts, domestic revenue mobilization will need to continue, mainly by widening the tax base and streamlining tax exemptions,” it added.
The IMF approved its fourth review of the program in March, unlocking a disbursement of $1.2 billion.
IMF says Egypt making progress, still needs to widen tax base
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IMF says Egypt making progress, still needs to widen tax base
Pakistan, Saudi Arabia reaffirm push for joint energy and mining projects
- In recent years, Saudi Arabia has positioned itself as a leader in the global minerals and energy sectors
- Both sides reaffirm commitment to enhance partnership and promote mutually beneficial investments
ISLAMABAD: Pakistan and Saudi Arabia have agreed to enhance cooperation in energy and mineral sectors, the Pakistani information ministry said on Friday, as the two sides seek to deepen economic ties and promote joint investment.
The development comes weeks after Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef at the Future Minerals Forum in Riyadh that saw participation from 13 public and private Pakistani firms.
Pakistan petroleum ministry said Alkhorayef had pointed out “vast opportunities” for cooperation between Pakistan and Saudi Arabia in the minerals sector, adding that the Kingdom would support the development of Pakistan’s mining industry through its knowledge and technical expertise.
On Friday, Malik held a meeting with Nawaf bin Said Al-Malki, Saudi ambassador to Pakistan, to discuss areas of mutual cooperation and further strengthen bilateral relations between the two brotherly countries, according to the information ministry.
“Both sides reviewed ongoing collaboration and explored new avenues for cooperation, particularly in the energy and minerals sectors,” it said in a statement. “They reaffirmed their commitment to enhancing economic partnership and promoting mutually beneficial investment opportunities.”
In recent years, Saudi Arabia has positioned itself as a leader in the global minerals and energy sectors and accelerated investments in green technologies, sustainable mining practices and international collaborations that are shaping the future of the mines and mineral industry.
Last year, Saudi Arabia’s Manara Minerals, a Public Investment Fund and Maaden joint venture, also expressed intent to acquire a 15 percent stake in Pakistan’s Reko Diq gold and copper mine. The $7 billion project, located in Balochistan, is being developed by Canadian mining giant Barrick Gold in partnership with Pakistan’s federal and provincial governments.
Malik expressed confidence that longstanding brotherly relations between Pakistan and Saudi Arabia would translate into tangible outcomes, fostering investment, technology exchange, and sustainable development initiatives for mutual benefit.
Ambassador Al-Malki appreciated Pakistan’s active participation in the Future Minerals Forum, which offered significant opportunities for regional collaboration, according to the statement.
“Both sides agreed to maintain close coordination to further strengthen economic and strategic cooperation in the coming period,” the information ministry added.
