IMF Committed to Continue Supporting Egyptian Economy, Says Deputy Director

Nigel Clarke, Deputy Managing Director of the International Monetary Fund (IMF) expressed his great appreciation for the efforts made by the Egyptian government to implement the economic reform program, which is a purely Egyptian program.

Clark affirmed the IMF's commitment to supporting the Egyptian economy, particularly as it is a highly promising economy with great potential to advance to greater heights.

This came as PM Mostafa Madbouly received Nthe deputy managing director and his accompanying delegation this evening at the government headquarters in the New Administrative Capital. 

The visit comes on the sidelines of the IMF delegation's current visit to Egypt to conduct consultations on the fifth review of the economic reform program being implemented by the government and the Central Bank in cooperation with the IMF.

The meeting was attended by Hassan Abdallah, Governor of the Central Bank of Egypt; and Mohamed Maait, Executive Director and Member of the Board of Executive Directors and Representative of the Arab Group and the Maldives at the International Monetary Fund.

Madbouly expressed his appreciation for the fruitful cooperation between the government and the IMF and the significant support provided by the Fund to implement the Egyptian economic reform program adopted by the Egyptian government. 

The Prime Minister reviewed the positive results of various economic indicators, stressing that we are on the right track with regard to inflation and unemployment indicators, and controlling the size of public investments from the total investment, while increasing the private sector's contribution to economic activity. However, despite this, much remains to be accomplished in the coming period.

He pointed to the ongoing consultations between the International Monetary Fund team and Egyptian officials regarding the fifth review, expressing his hope for the successful completion of this review.

Madbouly also reviewed the achievements of the government's IPO program, stressing that the Egyptian government is committed to continuing work on this important program, which will primarily benefit the economy in the short, medium, and long terms, in addition to providing greater scope for the private sector in various economic activities.

The Prime Minister stated that over the past three or four years, the government has successfully executed 21 deals within the government's IPO program, worth $6 billion. He noted in this regard the ongoing cooperation between Egypt and the International Finance Corporation (IFC), which serves as a strategic advisor to the government on the IPO program.