Egypt, IMF discuss economic reform amid regional crises

CAIRO, Nov. 3 (Xinhua) — Egyptian President Abdel-Fattah al-Sisi met on Sunday with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva in Cairo, where they discussed the country’s economic reform program amid the ongoing regional crises.
During the talks, Sisi expressed Egypt’s aspiration to continue cooperation with the IMF in implementing the economic reform program 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 endeavor, in partnership with the Egyptian government, to reach the best reform paths for the North African country.
Georgieva voiced appreciation for Egypt’s efforts to implement the reform program 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 on Tuesday its fourth review of the latest 46-month IMF loan program that was approved in 2022 and expanded to 8 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 March, the 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. ■