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France supports Egypt's economic reforms: Egypt presidency

Ahram Online , Monday 5 Sep 2016
El-Sisi and Hollande
Egyptian President Abdel Fattah El-Sisi (R) meets with French President Francois Hollande (L) during the sidelines of the G20 summit in China (Photo Courtesy of Egyptian Presidency)
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France says it supports reform measures taken by Egypt in a bid to revive the country's ailing economy, according to a statement by the Egyptian president's office.

French President Francois Hollande made the remarks when he met with President Abdel-Fattah El-Sisi early on Monday on the sidelines of the G20 summit in China, according to a statement by El-Sisi's office.

Last month, the International Monetary Fund agreed to offer Egypt a $12 billion loan package over three years.  Economic reforms to increase public revenues and cut costly state subsidies are believed to be critical in securing the deal, which is still subject to approval by IMF's executive board.

"The French president expressed France's support for measures Egypt is taking to boost its economy, voicing hopes that the Egyptian government's economic reform programme achieves its desired results," presidential spokesman Alaa Youssef.

Both leaders also discussed recent regional and international developments, namely efforts to revive the Palestinian-Israeli peace process as well as the situation in conflict-riven Libya and Syria, 

The duo "agreed on the need to step up international efforts to reach political solutions to these crises in a manner that preserves the unity and sovereignty of these countries," the spokesman added.

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