Arab Finance: The International Monetary Fund (IMF) has lowered its forecast for Egypt’s real gross domestic product (GDP) for the current fiscal year (FY) 2023/2024 to 3% from a previous outlook of 3.6%, according to the institution’s recent World Economic Outlook (WEO) report.

The IMF also projects that the country’s GDP would record 4.7% in FY 2024/2025, down from a previous estimation of 5%.

IMF’s Director of Communications Julie Kozack said before that extending the fund’s $3 billion loan to Egypt is “critical” to guarantee the successful program implementation.

The US Treasury Secretary Janet Yellen previously pledged unwavering support for Egypt's economy and ongoing reforms.

In November, Managing Director of the IMF Kristalina Georgieva said the fund is “seriously considering” a possible increase in the $3 billion loan program for Egypt.

Regarding global GDP growth, the IMF estimated it at 3.1% in 2024 and is expected to inch up to 3.2% in 2025.

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