Alsharq Tribune- world News
President El-Sisi made these remarks in a meeting in Cairo with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva and a high-level delegation, who visited Cairo this week to review Egypt’s progress in reforms. Prime Minister Mostafa Madbouly; Governor of the Central Bank of Egypt Hassan Abdallah; Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat; and Minister of Finance Ahmed Kouchouk attended the meeting. According to a statement by the Egyptian presidency, the meeting focused on the progress of Egypt's economic reform programme, which is being implemented in partnership with the IMF. El-Sisi also expressed Cairo's desire to continue collaboration with the IMF in the short term, to build on existing achievements to stabilize economic conditions and reduce inflation rates.
Moreover, the president stressed the importance of considering the changes and challenges faced by Egypt due to regional and international crises, which have significantly affected its dollar resources and budget revenues. In October, El-Sisi directed the government to reassess its situation with the IMF to avoid placing additional pressure on the public as the country strives to overcome economic challenges. "The government should review the programme we agreed on with the International Monetary Fund if it means putting pressure on the public that they cannot bear," stated the president. For her part, Georgieva expressed her profound appreciation for Egypt's efforts during the current phase, highlighting that the reform programme is being carefully implemented with priority given to the most vulnerable groups.
During the Sunday meeting, the IMF director also commended the progress in Egypt's macroeconomic indicators despite the recent unprecedented challenges. She noted that this progress is reflected in the positive outlook from international credit rating agencies, the upgrade of Egypt's credit rating, and the increase in investments.
On Friday, Fitch Ratings announced it has upgraded Egypt's long-term foreign-currency Issuer Default Rating (IDR) from B- to B, maintaining a stable outlook. Furthermore, Georgieva emphasized she fully understands the extent of the challenges Egypt is facing amid regional and international developments.
She also affirmed the IMF's full agreement on the importance of focusing on combating inflation and implementing measures to reduce it Additionally, Georgieva highlighted the fund's efforts, in partnership with the Egyptian government, to identify the best reform pathways that consider all relevant dimensions while preserving the positive outcomes which positively impact the Egyptian economy.
This approach aims to enhance overall economic indicators and support growth and development initiatives, particularly driven by the growth of the private sector, she added. Finance Minister Kouchouk also said Egypt hopes for constructive, positive discussions with the IMF as it prepares for its economic programme's fourth review. Kouchouk made these remarks following the annual IMF-World Bank meetings in Washington on 21-26 October. Egypt anticipates receiving $1.3 billion in financing upon completing the fourth review.
