IMF says Egypt to address central bank overdrafts, off-budget public sector activity

Egypt has committed to addressing its government recourse to central bank overdraft facilities and off-budget public sector activity, the IMF said in a staff report released on Friday. The report, released after the March 29 approval by the International Monetary Fund's board of an $8 billion financial support programme, said Egypt had also committed to addressing vulnerabilities such as central bank lending to public agencies.

Egypt had already taken steps to tighten monetary policy, to shift to a flexible exchange rate regime and a liberalised exchange system and to increase gasoline and fuel prices to catch up for missed adjustments since December 2022, the report said.

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