Cairo: Prime Minister Mostafa Madbouly held a joint press conference with Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), at the government headquarters in the New Administrative Capital. He acknowledged the importance of Ms. Georgieva’s visit, welcoming her, her team, the Governor of the Central Bank, and attending ministers.

According to State Information Service Egypt, Prime Minister Madbouly congratulated Ms. Georgieva on her reappointment for a second term as IMF Managing Director, attributing this to the trust she has earned from IMF member nations and global partners. He emphasized the significance of her visit to Egypt at the start of her new term, noting her earlier meeting with President Abdel Fattah El-Sisi to discuss future steps in the joint program between Egypt and the IMF. Madbouly announced that the fourth review of Egypt’s program with the IMF would commence in two days.

Ms. Georgieva expressed the IMF’s appreciation for its partnership with Egypt and
reiterated its support for the country’s economic stability and development efforts. She noted the IMF’s decision in April to increase Egypt’s program funding from $3 billion to $8 billion, in recognition of the country’s commitment to economic reforms. She praised the Central Bank’s efforts in maintaining a flexible exchange rate and applauded Egypt’s success in expanding the private sector’s role, which has been crucial in job creation.

Georgieva also highlighted Egypt’s progress in social protection by phasing out subsidies, ensuring support reaches those most in need. She pointed out that these reforms have strengthened Egypt’s macroeconomic stability, with growth projections of 4.2% for the 2024-2025 fiscal year and a reduction in inflation.

She acknowledged the challenges of economic reform but credited the government’s efforts and public resilience for laying the groundwork for a dynamic economy. Georgieva emphasized that Egypt’s commitment to reform positions it well to adapt to global changes.

Ref
lecting on her visit, Georgieva shared her admiration for Egypt’s rich history and expressed her appreciation for the country’s beauty and the hospitality of its people.

Prime Minister Madbouly concluded by reaffirming Egypt’s commitment to its partnership with the IMF, highlighting the necessity for governments to adapt to the rapidly changing global landscape to achieve economic growth.