IMF Director Lauds Agreement with Egypt as a Pivotal Step in Sustained Strong Partnership

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), underscored the significance of the recent agreement reached with Egypt, describing it as a crucial milestone in the ongoing robust partnership between the two entities. Speaking on Tuesday, Georgieva emphasized the deal's role in reinforcing the continuous strong collaboration with Egypt.

In a statement shared on her official "X" (formerly Twitter) account on Wednesday, Georgieva reiterated the importance of this step in the partnership, affirming the IMF's dedication to assisting in the stabilization and enhancement of the Egyptian economy for the benefit of its people.

This announcement follows Prime Minister Dr. Mustafa Madbouly's earlier statement regarding the successful negotiation between Egypt and the IMF concerning the necessary economic policies for completing the first and second review phases under the Extended Fund Facility (EFF) mechanism. Madbouly highlighted the elevation of the IMF loan from 3 billion USD to 8 billion USD. Following the agreement's signing, Egypt is poised to apply for an additional loan of approximately 1.2 billion USD from the IMF's Environmental Sustainability Fund, bringing the total loan amount to around 9 billion USD post-agreement.

The agreement marks a significant step in Egypt's economic reform journey, reflecting a mutual commitment to fostering economic stability and growth. The enhancement of the loan underscores the IMF's confidence in Egypt's reform agenda and its potential to achieve sustainable economic development.

This collaboration between Egypt and the IMF is part of a broader effort to ensure economic stability in the region and support Egypt's long-term economic reform program. The agreement not only aims to address immediate financial needs but also to lay the groundwork for sustainable economic growth, environmental sustainability, and improved governance in Egypt.

As Egypt continues to navigate through its economic reform initiatives, the support from international financial institutions like the IMF plays a crucial role in bolstering investor confidence and providing the necessary financial backing to implement these reforms. This partnership exemplifies the international community's support for Egypt's efforts to achieve a more stable, diversified, and sustainable economy.