File Photo: Director of the Middle East at the International Monetary Fund Jihad Azour speaking during a news conference. AP
He added that negotiations between Egypt and the IMF over a new support program are progressing.
Azour made the remarks during a press conference he held on Thursday as part of the IMF’s annual meetings in Washington.
The official noted that economies of developing countries have been affected by a set of external shocks, such as food insecurity crises that erupted due to the war in Ukraine.
The cooperation program with Egypt will be focused on cooperation in several social fields, he said, pointing out to the importance of the Takaful and Karama social protection program implemented in Egypt to support low-income categories.
Azour added that the IMF has been in cooperation with Egypt since 2016 and provided it with support to address financial, economic and social challenges.
The reform program in Egypt has helped achieve financial stability, increase financial reserves, boost growth, and improve economic and social conditions
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