Wednesday 13 Nov
Prime Minister Dr. Moustafa Madbouly confirmed the ongoing partnership between Egypt and the International Monetary Fund (IMF), emphasizing the Fund's support for Egypt's economic reform efforts and national programs aimed at improving citizens' lives.
This statement came during a
press conference held at the Prime Minister's Office on Sunday, between the
Prime Minister and Kristalina Georgieva, Director of the IMF, on the occasion
of her visit to Cairo. The visit is part of the preparations for the launch of
negotiations for the fourth review program between the Fund and the Egyptian
government.
Madbouly, joined by Central Bank Governor Hassan Abdullah and several ministers, including Finance Minister Ahmed Kouchouk, Investment and Foreign Trade Minister Hassan Al-Khatib, and Planning and Economic Development Minister Dr. Rania Al-Mashat, highlighted the global context of uncertainty and rapid change. He emphasized the need for governments to adapt quickly to these challenges to achieve economic success and growth. He revealed that the negotiations for the fourth review between Egypt and the IMF will commence in Cairo on Tuesday.
Georgieva expressed her gratitude
to the Egyptian leadership for their efforts in navigating challenging regional
and international circumstances. She praised the economic reform measures,
including exchange rate flexibility, job creation, and investment attraction,
emphasizing that the difficulties were not due to any government error.
She also commended Egypt's
efforts in strengthening social protection programs and noted the decline in
inflation rates as a result of government measures. Georgieva highlighted the
IMF's commitment to supporting Egypt's private sector and creating job
opportunities for the growing workforce.
The IMF Director expressed
appreciation for the partnership with Egypt and reaffirmed the Fund's support
for economic stabilization. She was honored to meet with President Sisi and
found the meeting productive and inspiring.
Georgieva concluded by noting that Egypt has demonstrated remarkable resilience in the face of unprecedented regional challenges, emerging as a safer haven in a world marked by economic shocks.
