阿拉伯埃及共和国：根据扩展基金机制下的扩展安排进行的第五次和第六次审查，根据弹性和可持续性安排进行的第一次审查（英）

ARAB REPUBLIC OF EGYPT FIFTH AND SIXTH REVIEWS UNDER THE EXTENDEDARRANGEMENT UNDER THE EXTENDED FUND FACILITYAND FIRST REVIEW UNDER THE RESILIENCE ANDSUSTAINABILITY ARRANGEMENT, REQUESTS FORREPHASING OF ACCESS, EXTENSION OF THEARRANGEMENTS, WAIVER OF NONOBSERVANCE OFPERFORMANCE CRITERION, AND MODIFICATION OFPERFORMANCE CRITERIA—PRESS RELEASE;STAFFREPORT;ANDSTATEMENT BY THE EXECUTIVE DIRECTORFORTHE ARAB REPUBLIC OF EGYPT March 2026 In the context of theFifth and Sixth Reviews Under the Extended Arrangement Under theExtended Fund Facility and First Review Under the Resilience and SustainabilityArrangement, Requests for Rephasing of Access, Extension of the Arrangements, Waiverof Nonobservance of Performance Criterion, and Modification of Performance Criteria, thefollowing documents have been released and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onFebruary 25, 2026, following discussionsin Cairothat ended onDecember11,2026. The discussionswith the officials ofArab Republic of Egyptoneconomic developments and policiescontinued virtually, with agreement reached onthefifth and sixth reviewsunder the Extended FundFacilityand first review under theResilience and Sustainability Facilityon December 23, 2025.Based on informationavailable at the time of these discussions, the staff report was completed onFebruary12, 2026. •ASupplementary Informationupdating information on recent developments. •AWorld Bank AssessmentLetter for theResilience and Sustainability Facility. •AStatement by the Executive Directorforthe Arab Republic of Egypt. The staff report reflects the IMF Executive Board discussion that took place onFebruary 25, 2026. It does not incorporate any subsequent development. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Completes the Fifth and Sixth ReviewsUnder the Extended Arrangement Under the Extended FundFacility and First Review Under the Resilience andSustainability Arrangement FOR IMMEDIATE RELEASE •The Executive Board of the International Monetary Fund (IMF) completed the fifth andsixth reviews of Egypt’s Extended Fund Facility (EFF) arrangement and the first reviewunder the Resilience and Sustainability Facility (RSF), allowing the authorities to draw theequivalent of about US$2.3 billion. •Egypt’s macroeconomic situation has improved amid sustained stabilization efforts.Tightmonetary and fiscal policies together with exchange rate flexibility have helped restoremacroeconomic stability, reduce inflation, and strengthen the external position. •Progress on deeper structural reforms has been uneven, and acceleratingimplementation, particularly reducing the state’s economic footprint and leveling theplaying field, remains critical to securing durable, private-sector-led and inclusive growth. Washington, DC–February 25, 2026:The Executive Board of the IMF has completed thecombined fifth and sixth reviews of Egypt’s economic reform program supported by the EFFarrangement and the first review under the RSF arrangement. This enables the authorities toimmediately draw about US$2 billion (SDR 1465.44 million) under the EFF and US$ 273million (SDR 200 million) under the RSF, bringing Egypt’s total purchases under the EFF andRSF to about US$ 5,207 million (SDR 3,885.7 million or 190.7 percent of quota).Egypt’s 46-month EFF arrangementthat was approved on December 16, 2022, has been extendedthrough December 15, 2026. Egypt’s macroeconomic conditions have improved as stabilization policies took hold. A broad-based economic recovery has lifted real GDP growth to 4.4 percent in FY2024/25 whileinflation declined markedly to 11.9 percent in January 2026, supported by tight monetary andfiscal policies. The current account deficit narrowed further to 4.2 percent of GDP, reflectingstrong remittances and tourism receipts, while market confidence continued to improve, asevidenced by successful external issuances, foreign direct investment inflows, and recordnonresident inflows into domestic debt markets. The improved external position, together withexchange rate flexibility, has helped increase gross reserves from US$54.9 billion inDecember 2024 to about US$ 59.2 billion as of December 2025. Fiscal performance alsoimproved, supported by lower public investment and higher tax revenue, although the primarybalance fell short of the program target in the absence of the programmed divestmentproceeds. Implementation under t