2024/07/30

Madbouly: IMF backs Egypt government with third review approval

Prime Minister Dr. Moustafa Madbouly confirmed that Monday's IMF Board approval of the third review under Egypt's economic reform program is a crucial milestone in realizing the government's economic vision. This endorsement signifies strong confidence in the government's reform agenda and its ability to meet financial and economic targets. He highlighted the positive trajectory of current economic indicators.

This came during Madbouly’s presidency of the government meeting on Tuesday, at its headquarters in New Alamein city, to discuss a number of various files.

He emphasized the government's strong budget performance in the previous fiscal year and its ambitious goals for the current year, despite economic challenges. He also reiterated the government's commitment to lowering the debt-to-GDP ratio.

Madbouly outlined recent meetings held by President Abdel Fattah El-Sisi during the past days that focused on critical energy sector issues, particularly addressing the directive to find permanent solutions for reducing and ultimately eliminating electricity load shedding during the summer to relieve the burden on citizens. This matter, he emphasized, is a top government priority, with ongoing collaboration among relevant ministries and agencies.

He stressed the government's ongoing efforts to ensure market stability, control prices, and increase goods availability. These measures, he said, are crucial for lowering inflation rates.

During the meeting, Dr.Madbouly discussed his recent inspection of New Alamein City projects to assess progress. He stressed the importance of continued on-site visits by officials at all levels to identify and address challenges promptly. Such visits, he explained, provide invaluable insights into project implementation and potential solutions to any challenges facing the work files in any ministry and governorate.