Egypt has reached a deal on a new program with the International Monetary Fund (IMF), announced Prime Minister Moustafa Madbouli on Thursday.

The agreement is a testament to the stability of Egypt’s economy, added Madbouli during a joint press conference with Central Bank of Egypt (CBE) Governor Hassan Abdullah and IMF Representative in Cairo Ivana Holler.

The government’s program, which is supported by the Washington-based lender, primarily aims to safeguard macroeconomic stability, attain public debt sustainability and improve the economy’s performance to confront external shocks triggered due to major global crises.

It also aims to strengthen the social safety nets, social protection, enhance the structural reforms to attain growth and provide jobs through the private sector, added Mabdouli during the conference, that was attended also by Planning and Economic Development Minister Hala el Sadi.

Source: State Information Service Egypt