IMF to Begin Egypt's Fourth Review Tuesday

Egyptian Prime Minister Mostafa Madbouly said on Sunday that the fourth review of the International Monetary Fund program will begin on Tuesday.

The Managing Director of the International Monetary Fund, Kristalina Georgieva arrived in Cairo accompanied by a high-level delegation, with the aim of evaluating the Egyptian economic indicators and reviewing the local economic situation in light of regional and global changes.

Madbouly stressed after meeting Georgieva that this partnership is being managed positively in a way that supports the Egyptian government in overcoming many of the challenges that Egypt has faced over the past periods.

He pointed out that the Egyptian state has been exposed to strong shocks and changes on the political level since 2011, as the country went through two revolutions, in addition to the external shocks that Egypt has been exposed to since the "coronavirus" pandemic crisis, then the Russian-Ukrainian crisis, in addition to the Israeli war on the Gaza Strip and Lebanon, which has a direct impact on the Egyptian economy.

The Prime Minister explained that despite all these internal and external crises, the Egyptian state was able to move its economy to a safe zone, and this was a testament to our ability to establish a strong and flexible economy capable of confronting shocks, and that we are moving forward steadily and successfully, and this received strong praise from international institutions.

He expressed his hope that the upcoming meetings scheduled for the coming days will result in the completion of the fourth review of the economic reform program, stressing that the Egyptian government is taking into account that the IMF program does not place any additional burdens on citizens, taking into account the current circumstances locally and internationally, and taking all appropriate measures in coordination with the Fund's officials in this regard.

Madbouly stressed the Egyptian state's continued commitment to continuing to implement the flexible exchange rate in coordination with the Central Bank; to preserve the gains achieved in this regard; especially since failure to do so takes us back to square one.

Georgieva will hold several meetings with senior government officials and members of the economic ministerial group, where these meetings will address various economic issues, in addition to discussing ways to enhance cooperation between the International Monetary Fund and the Egyptian government within the framework of the current program, which is worth $8 billion.