Strong Egypt-IMF cooperation provides positive climate for Egyptian economy: Sisi to Georgieva

Ahram Online , Wednesday 31 May 2023

President Abdel-Fattah El-Sisi stressed to Director General of the International Monetary Fund (IMF) Kristalina Georgieva that strong cooperation between Egypt and the fund provides a positive climate for the Egyptian economy.

Sisi - IMF
Compiled photo courtesy of the Egyptian Presidency


President El-Sisi stressed to Georgieva during a phone call on Wednesday that Egypt has a strategic approach toward achieving sustainable development through encouraging more investments and private sector participation in the economy, according to a statement by Egyptian Presidential Spokesman Ahmed Fahmy.

Egypt's partnership with the IMF provides a positive climate for all investors and global financial markets who have a stake in the performance of the Egyptian economy, El-Sisi stressed.

For her part, Georgieva emphasised to El-Sisi the IMF's keenness on strengthening consultation and coordination with Egypt under their constructive partnership, Fahmy said.

Georgieva praised the Egyptian government intensive efforts to implement economic and structural objectives achieved under its economic reform programme, according to Fahmy.

She also praised what she described as the resilience shown by the Egyptian economy in the face of the negative repercussions of the global crises, added the statement.

In December 2022, the IMF approved a $3 billion 46-month loan deal for Egypt to allow the country to meet challenges posed by the global economic crisis and implement necessary economic reforms.

This 2022 deal, the fourth such loan deal between the IMF and Egypt since 2016, also allows the country to obtain up to $12 billion dollars in loans from other donors.

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