President Sisi Receives WB Chief

Ambassador Bassam Radi, spokesman for the presidency said that President Abdel Fattah El Sisi received today morning Mrs. Kristalina Georgieva, Chief Executive of the World Bank (WB) and nominee for Director of the International Monetary Fund (IMF).

The official praised Egypt for its successful economic and social reforms throughout the last three years.

She added that the Egyptian experiment sets a model for the other countries that seek to treat chronic disorders of t he their national economies.

Georgieva discussed with the president plans of the IMF to fund development  programs in Africa over the next period.

She revealed that the IMF quotes Egypt’s reform as an inspiring experiment because it was implemented in light of comprehensive political vision which secures factors of success to future plans of IMF in Africa.

Sisi explained the Egyptian efforts to support policies of  developmental fund through cooperation with the international financial institutions to achieve the comprehensive development to Africa, especially in fields such as energy, railway and electricity to create a better life for the coming generations.

He stressed that Africa should affect at policies, trends and priorities of the international financial institutions.

He also asked the new leadership of the IMF to be more interested in Africa.

The International Monetary Fund (IMF) is based in Washington, D.C., and currently consists of 189 member countries, each of which has representation on the IMF's executive board in proportion to its financial importance, so that the most powerful countries in the global economy have the most voting power.

The IMF's website describes its mission as "to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."

The IMF collects massive amounts of data on national economies, international trade, and the global economy in aggregate, as well as providing regularly updated economic forecasts at the national and international level. These forecasts, published in the World Economic Outlook, are accompanied by lengthy discussions of the effect of fiscal, monetary, and trade policies on growth prospects and financial stability.