Cairo – Mubasher: Egypt’s government has an ambitious economic plan that aims to fulfill aspirations of the people, said William Murray of the Communication's Department at the International Monetary Fund.

Implementation of such a plan requires steadfastness to bring about medium-term fiscal goals, he added.

The official also said other arrangements are needed to cover budget deficit, after the stock market’s capital gains tax was delayed.

Murray revealed that an IMF mission will fly to Cairo in June to discuss with authorities the capital gains tax.

Egypt’s investment minister Ashraf Salman said Wednesday that President Abdel-Fattah El-Sisi will issue a decree in three weeks to endorse postponement of a much-debated capital gains tax.

The endorsement will take effect starting 17 May, said the minister, adding that the taxes collected in the period from this date until the president's decree will be refunded to investors.

The delay in issuing the decree is attributed to several procedures taken to ensure no double taxation occurs at the level of cash dividends.

The government announced on 18 May that it had decided to postpone the 10% capital gains tax for two years. Traders had previously filed a lawsuit over the tax, arguing that it was deterring potential investors.

Meanwhile, the IMF criticized Egypt’s decision, saying it means that the cost of shoring up public finances will be borne by “people who are less able to afford it.”

“We are disappointed that the capital gains tax has been postponed,” Chris Jarvis, the lender’s Egypt Mission Chief, said in an e-mailed response to questions. “This was a tax which raised needed revenue and which was fair.”