IMF Chief Lauds Egypt's Economic Policies Amid Pandemic

Kristalina Georgieva, Director General of the International Monetary Fund (IMF) said that Egypt has taken good steps in its economic reform program, including provisions for social support by providing credit to companies and protecting them from bankruptcy and job loss.

"The fund's recommendations to the Egyptian government is to maintain this support, while setting priorities and economic reforms that will make Egypt stronger in the face of the coronavirus," Georgieva added.

"The fund will continue with the Egyptian government to endure crises in the future," she pointed out.

She added during a call-in with TV anchor Lamis El Hadidy on the that the fund started consultations with the World Bank to persuade the G20 to adopt an initiative to freeze debt on the most vulnerable countries until they see economic recovery.

She noted, "We have already frozen Djibouti's debts for the next year."

Moreover, three countries asked the fund for joint action, including Chad, Ethiopia and Zambia, and 'we are looking at financial assistance for lower-income countries'.

She said that each country suffers from the pandemic differently, and most of the countries that depend on tourism are the ones that have been affected the most.

"When we look at a return to growth, countries such as China and South Korea have worked to contain the crisis effectively," Georgieva stressed, adding that the global economy will depend on the effectiveness of vaccines during the coming period.

She stressed the need to start mass vaccination for all countries, adding that the world would save $9 trillion if vaccination starts from now until 2025.

"We now have vaccines and on the threshold of recovery from the crisis. The world is witnessing a race between viruses and vaccines, and by working together the world will be stronger in the face of the virus,' Georgieva stressed.

She indicated that there is injustice in the distribution of vaccines," adding that 150 countries will not be able to return to their pre-pandemic growth level.

She indicated that the fund provided $105 billion to About 85 countries, and 'we are still ready to provide more support'.

"We recommend examining tax policies, empowering youth and women, she concluded, confirming that countries with good education and good health levels will able to return to growth levels quickly.