Prime Minister, Mostafa Madbouly, announced that Egypt is reevaluating the country’s economic reform timeline in collaboration with the International Monetary Fund (IMF), highlighting the impact of the war on Gaza and declining Suez Canal revenues.

“Based on the recent economic developments in Egypt, we will have the opportunity to negotiate this matter with the IMF mission to review the program," Madbouly stated.

This decision comes in response to directives from President Abdel-Fattah El-Sisi earlier this week to reassess the agreement to alleviate the strain on citizens as Egypt grapples with economic hurdles, including inflation and high debt.

Madbouly emphasized that despite the challenging circumstances, Egypt has maintained its commitments to the IMF, noting the government's success in reducing unemployment to its lowest levels in recent months, a sign of resilience amid ongoing economic pressures.

The IMF has noted positive portfolio flows into Egypt, particularly local currency bonds, despite the country's debt issues. The Fund’s recent World Economic Outlook projected that Egypt’s GDP growth would rise to 4.1% by FY2025/2026, up from a forecasted 2.7% in FY2024/2025.