Egypt reports strong Q3 growth, postpones IMF reviews

Egypt’s economic growth rebounded strongly in the third quarter of fiscal year 2024/2025, reaching 4.77%, up from 2.2% during the same period last year, according to Prime Minister Mostafa Madbouly.

Speaking at a press conference following the weekly Cabinet meeting on Wednesday, Madbouly described the performance as evidence that “the Egyptian economy is recovering” after facing significant challenges over the past year.

Addressing the International Monetary Fund (IMF) program, the Prime Minister noted that the fifth and sixth reviews—key checkpoints for assessing Egypt’s compliance with its reform commitments—were originally scheduled to be conducted separately. 

However, due to what he described as "geopolitical circumstances," Egypt and the IMF reached a mutual agreement to postpone the fifth and sixth reviews and combine them into a single evaluation.

He did not elaborate on the specific nature of the geopolitical events but implied that external shocks have had temporary effects on implementation timelines.

Despite the delays, Madbouly reaffirmed that Egypt remains committed to fulfilling its structural reform obligations under the IMF’s Extended Fund Facility program. 

This includes efforts to enhance private sector participation, reduce the state’s economic footprint, improve governance, and curb inflation—factors critical to long-term stability.

The Egyptian government has also continued to pursue large-scale investments, strengthen fiscal discipline, and seek broader macroeconomic stability amid inflationary pressures and foreign exchange shortages.

Background and Outlook

Egypt entered into a $3 billion agreement with the IMF in December 2022, later expanded to $8 billion in March 2024, to stabilize the economy, address debt vulnerabilities, and attract foreign capital. 

The IMF’s program is seen as pivotal for restoring investor confidence and unlocking further multilateral and bilateral financial support.

With Q3 figures showing renewed momentum, Egyptian authorities are now projecting stronger performance heading into the final quarter of FY 2024/2025.