IMF Hails Egypt's Economic Reform Trajectory

The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva hailed the latest Egyptian government's economic reform trajectory that contributes to supporting the private sector.

This came after the recent government decision to offer investment opportunities for the private sector in 32 state-owned companies.

In the same connection, she praised the performance of the Egyptian economy and its resilience in the face of the negative impacts of the coronavirus pandemic and the Russia-Ukraine crisis.

Georgieva also affirmed the IMF’s keenness to maintain fruitful cooperation with Egypt and to support the country’s economic reforms.

Egypt is currently engaged in an Extended Fund Facility program that extends over 46 months, through which Egypt is to receive a total loan of $3 billion.

The North African country has already received one tranche and is expected to receive the second tranche in the deal by the end of March following the completion of the first review scheduled in mid-March.

It's worth mentioning that the IMF promotes global macroeconomic and financial stability and provides policy advice and capacity development support to help countries build and maintain strong economies.