Dr. Mohamed Maait, Executive Director and Head of the Arab Group at the International Monetary Fund (IMF), stated that Egypt’s credit rating upgrade by Standard & Poor’s is a “positive step coming at a good time,” especially ahead of the upcoming annual meetings next Monday where the Egyptian delegation will discuss details of the fifth and sixth reviews.

In televised remarks on the program “Kalima Akhira” broadcast on “ON E,” he emphasized that the program is “well-known and its goals are clear,” including restoring macroeconomic stability and exchange rate stability, increasing foreign reserves, lowering interest rates, reducing budget deficit and public debt, and achieving growth recovery and Egyptian pound stability.

He added: “There is a phase we call indicator improvement, followed by a phase where citizens begin to feel this improvement after the indicators improve.”

Responding to journalist Ahmed Salem’s question about “the IMF’s conviction to postpone the privatization program until 2026 and overlook this clause in 2025?” he revealed that there are “discussions between the responsible authorities in Egypt, including the Ministry of Finance and the Central Bank, with the IMF mission regarding Egypt’s privatization program.”

He noted that discussions will continue during the annual meetings week, pointing out that Egypt has “a clear vision and timelines to present to the Fund.”

He expected flexibility from the Fund regarding this clause, citing the Fund Director’s statements two weeks ago: “There is ongoing talk in this direction as long as the main program goals are achieved,” concluding: “We hope to hear good news on this matter.”

Negotiations between the Egyptian delegation and IMF officials are scheduled to begin on the sidelines of the autumn meetings to review progress under the fifth and sixth reviews of the $8 billion IMF program.

Advisor Mohamed Al-Homsani, spokesperson for the Egyptian Cabinet, said the Prime Minister emphasized in the last meeting the importance of accelerating the implementation of the government privatization program professionally, by leveraging the expertise of both the public and private sectors.