Madbouly says no new burdens on citizens until IMF program ends

Updated 12/25/2025 8:13:00 AM

Arab Finance: Prime Minister Mostafa Madbouly said there will be no new burdens on Egyptian citizens until the end of the country’s economic reform program with the International Monetary Fund (IMF), stressing that the remaining targets under the program do not include measures that would affect households, as per a statement.

Speaking during his weekly press conference following the cabinet meeting, Madbouly said the IMF had completed the fifth and sixth reviews of Egypt’s reform program, adding that the program is set to conclude within a year.

He noted that discussions with the IMF also covered agreement on the targets for the seventh and eighth reviews, which required additional efforts from the government to align on objectives related to fiscal performance and the investment climate.

Madbouly urged close attention to the IMF’s assessment, saying the report commended Egypt’s stabilization measures and highlighted strong economic growth indicators, a marked improvement in the balance of payments, and a decline in the current account deficit despite external challenges.

He cited the report’s reference to strong growth in non-oil exports, a primary surplus of 3.5% of gross domestic product (GDP) in fiscal year (FY) 2024/2025, rising tax revenues, and a monetary policy stance by the Central Bank of Egypt (CBE) aimed at curbing inflation.

He said such assessments shape how foreign investors view Egypt, adding that the IMF report pointed to Egypt entering a new phase focused on boosting foreign direct investment, expanding the role of the private sector, and improving living standards and purchasing power for citizens.

Addressing public debate, Madbouly said the targets agreed with the IMF for the remainder of the program do not include new measures affecting citizens, reiterating that there are no new burdens planned in the energy sector.

On tourism, the Prime Minister said Egypt welcomed around 18.8 million tourists in 2025, up from about 15 million in 2024, describing the growth rate as very high.

He said the government is working toward welcoming 30 million tourists by 2030, with longer-term targets extending to 2040.

He linked these ambitions to plans to expand airport capacity and double the fleet of EgyptAir and other national carriers within two to three years.

He said the government’s focus in the coming period will be on productive sectors underpinning the economy, including industry, exports, tourism, communications and information technology, and agriculture, with ministerial groups setting targets through 2030.

In the Suez Canal Economic Zone (SCZONE), Madbouly said new contracts with investors have been signed with investments exceeding $1.15 billion, adding that several major projects, including factories linked to solar energy and related equipment, are set to be inaugurated next January.