President El-Sisi Meets IMF Managing Director Kristalina Georgieva

alhadath – cairo

Today, President Abdel Fattah El-Sisi received Managing Director of the International Monetary Fund, Kristalina Georgieva and her accompanying high-level delegation. The meeting was also attended by Prime Minister, Dr. Moustafa Madbouly; Governor of the Central Bank of Egypt, Mr. Hassan Abdallah; Minister of Planning, Economic Development and International Cooperation, Dr. Rania Al-Mashat; and Minister of Finance, Ahmed Kouchouk.

Spokesman for the Presidency, Ambassador Ahmed Fahmy, said the discussion focused on progress pertinent to the implementation of Egypt’s economic reform program, which is being carried out in partnership with the IMF. President El-Sisi confirmed that Egypt is committed to continuing its collaboration with the fund during the coming period, building on what has been achieved so as to boost economic stability and reduce inflation rates. The President underscored the need to take into account the developments and magnitude of challenges Egypt has encountered recently as a result of regional and international crises, which have severely affected its foreign currency reserves and budget revenues. President El-Sisi reiterated that the state’s priority is to alleviate the pressure and burden on citizens, particularly by combating inflation and price hikes, while simultaneously continuing efforts to attract investments and empower the private sector to increase employment and stimulate growth.

For her part, Ms. Georgieva expressed her deep appreciation for the Egyptian State’s efforts during the last phase, particularly the carefully-executed reform program that prioritizes the most vulnerable segments. She commended the progress in Egypt’s macroeconomic indicators, despite the current unprecedented challenges, as evidenced by the positive outlook of international rating agencies, the upgrade of Egypt’s credit rating, and the increase in investments.

The IMF Managing Director confirmed her full understanding, acknowledging the substantial challenges Egypt has been facing due to the current regional and international developments. She noted that the fund, in partnership with the Government of Egypt, seeks to find the best reform trajectories that address all relevant dimensions, in a manner that sustains the positive impact of the reforms on the Egyptian economy, notably in terms of improving macroeconomic indicators and fostering growth and development efforts, driven primarily by private sector growth. She confirmed the IMF’s full agreement on the significance of a greater focus on combating inflation and taking the necessary measures to curb it.