US treasury secretary, IMF managing director vow support for Egypt

Ahram Online , Wednesday 10 Jan 2024

The US Treasury Secretary Janet Yellen and the Managing Director of International Monetary Fund (IMF) Kristalina Georgieva vowed full support for the Egyptian economy, according to an official statement on Wednesday.

US Treasury Secretary Janet Yellen with Egypt's Minister of Finance Mohamed Maait.
US Treasury Secretary Janet Yellen with Egypt's Minister of Finance Mohamed Maait.


Yellen reiterated the US Department of Treasury’s strong support for Egypt’s economic reform programme, adding that the department is ready to work closely with Egyptian authorities on bilateral and regional issues.

“The IMF will always be a strong partner to Egypt during tough times,” Georgieva said.

Yellen and Georgieva have met a high-ranking delegation from Egypt which included Hassan Abdullah, the Central Bank of Egypt’s governor and country governor at the IMF, Mohamed Maait, minister of finance, and Rania Al-Mashat, minister of international cooperation. 

The meetings tackled economic cooperation with Egypt, encompassing the economic reform programme in collaboration with the IMF, which aims to enhance bilateral economic ties between the two nations. 

The Egyptian delegation stressed the country’s commitment to executing comprehensive structural reforms that bolster the private sector, amplifying its involvement in economic activities and the overall development agenda.

Egypt is negotiating a new deal with the IMF to address its recent economic challenges.

Last week, Cabinet Spokesperson Mohamed El-Hommosani stated that a mission from the IMF would probably visit Cairo in January to finalize a new time frame for the loan agreement with Egypt.

In December 2022, the IMF approved the EFF deal for Egypt and handed the first tranche to the country valued at $347 billion. Since then, the programme has not seen tangible progress with Egypt missing the first two reviews scheduled in March and September 2023.

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