CAIRO, Nov 4 (NNN-MENA) – Egyptian President, Abdel-Fattah al-Sisi, met yesterday, with Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, in Cairo, where they discussed the country’s economic reform programme amid ongoing regional crises.
During the talks, Sisi expressed Egypt’s aspiration to continue cooperation with the IMF, in implementing the economic reform programme to enhance the country’s economic stability and reduce inflation, the Egyptian presidency said in a statement.
Sisi stressed that, Egypt’s priority is to combat inflation, attract investments, and empower the private sector, to increase employment and growth rates, according to the statement.
For her part, the IMF chief expressed “full understanding” of the major challenges facing Egypt, in light of regional and international developments, noting the Fund’s endeavour, in partnership with the Egyptian government, to reach the best reform paths for the country.
Georgieva voiced appreciation for Egypt’s efforts to implement the reform programme, while maintaining social protection for the most vulnerable citizens, praising the progress of the country’s macroeconomic indicators, as reflected in the positive outlook of international credit rating institutions, for Egypt’s economy.
In a joint press conference with Georgieva, following the meeting, Egyptian Prime Minister, Mostafa Madbouly, said that, the IMF will start tomorrow, its fourth review of the latest 46-month IMF loan programme that was approved in 2022, and expanded to eight billion U.S. dollars, this year.
During the press conference, Georgieva expected Egypt’s growth rate to rise from the current 2.4 percent to 4.2 percent, in the 2025 fiscal year, and the inflation rate to decline to 16-17 percent.
In Mar, IMF approved additional 5-billion-dollar funding to Egypt, besides the 3-billion-dollar, 46-month funding, approved in late 2022, to support the country’s reforms.– NNN-MENA