Arab FinanceToday, President Abdel Fattah El-Sisi received Kristalina Georgieva, Director General of the International Monetary Fund, and the high-level delegation accompanying her, in the presence of Prime Minister Dr. Mostafa Madbouly, Central Bank Governor Hassan Abdullah, and Dr. Rania Al-Mashat, Minister of Planning, Economic Development and Cooperation. International, and Ahmed Kojak, Minister of Finance.
Ambassador Ahmed Fahmy, the official spokesman for the Presidency of the Republic, stated that the meeting discussed developments related to the implementation of the Egyptian economic reform program, which is being carried out in partnership with the Fund, where Mr. President expressed Egypt’s aspiration to complete cooperation with the Fund during the coming period, and to build on what has been achieved with the aim of enhancing stability. Economic conditions and reducing inflation rates, pointing out the need to take into account the changes and magnitude of the challenges that Egypt has been exposed to in the recent period due to regional and international crises, which had a significant impact on dollar resources and budget revenues, stressing that the state’s priority is to reduce the pressures and burdens on citizens, Especially by combating inflation and rising prices, while continuing efforts to attract investments and enable the private sector to increase employment and growth rates.
On her part; Georgieva expressed her deep appreciation for the efforts of the Egyptian state during the last phase, and the reform program that is being carefully implemented while putting the most needy groups at the top of priorities, praising the progress achieved by macroeconomic indicators despite the unprecedented challenges in the current period, which are indicators that were reflected in the positive outlook of institutions. International credit ratings, raising Egypt’s credit rating, and increasing investments.
The Director of the International Monetary Fund affirmed her full understanding of the magnitude of the great challenges facing Egypt in light of regional and international developments, noting that the Fund is seeking – in partnership with the Egyptian government – to reach the best reform paths that take into account all relevant dimensions, and in a way that preserves the results of reforms that have a positive impact. On the Egyptian economy, especially at the level of improving the overall indicators of the economy, and enhancing growth and development efforts, driven primarily by private sector growth, stressing the Fund’s full agreement with the importance of more focus on combating inflation and taking measures to reduce it.
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