Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Blinken Meets with President Sisi

Thu 11 Jan 2024 | 03:52 PM
Israa Farhan

the US Secretary of Treasury Janet Yellen and the International Monetary Fund (IMF) Managing Director Kristalina Georgieva said this week they would further back Egypt's ailing economy.

During a meeting with an official Egyptian delegation visiting Washington DC, Yellen reiterated her department's support for Egypt's economic reform programme, an official statement by the country's finance ministry said on Wednesday evening.

The Central Bank of Egypt (CBE) Governor Hassan Abdalla, Finance Minister Mohamed Maait, and International Cooperation Minister Rania Al-Mashat have been on an official visit to Washington DC this week, where they also met the IMF chief.

Georgieva posted on X, formerly known as Twitter, that "the IMF remains a strong partner to Egypt in these difficult times" without elaborating further.

Egypt's state-owned Al-Ahram news outlet reported citing whom it described as sources close to the ongoing discussions as saying that the Washington meetings aim to increase the current US$3 billion Extended Fund Facility (EFF) approved in December 2023, especially since the IMF has recently increased its member countries' quota by 50 per cent.