Al-Sisi, IMF Managing Director discuss bilateral partnership following loan agreement

Daily News Egypt
3 Min Read

Egypt’s President Abdel Fattah Al-Sisi received on Sunday Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), and her accompanying delegation, in the presence of Prime Minister Mostafa Madbouly, the Governor of the Central Bank, and the Ministers of Planning and Economic Development, International Cooperation, and Finance.

The meeting came within Kristalina’s visit to Egypt to participate in the UN Climate Summit COP27, in Sharm El-Sheikh.

In a statement, the official spokesperson for the presidency Bassam Rady stated that the meeting dealt with a review of aspects of the partnership between Egypt and the IMF, especially in light of the cooperation agreement recently reached between the two sides to complete the Egyptian economic reform process.

During the meeting, the president expressed his appreciation for Kristalina’s contributions within the framework of the fruitful partnership and constructive cooperation between the Egyptian government and the IMF to implement the comprehensive economic reform program, given what this partnership represents in providing a positive climate for investment’s promising opportunities in Egypt and its reflection on supporting the Egyptian economy. 

Al-Sisi also stressed the state’s keenness to complete the process of economic and structural reform related to fiscal and monetary policies, as well as maximizing the role of the private sector.

Moreover, the spokesperson explained that Kristalina stressed that the IMF will continue its distinguished relations of cooperation and partnership with Egypt to support its “economic reforms process”, especially in light of what the statement described as the stability of the Egyptian economy’s performance during the last period and the ability it showed to withstand and absorb the negative repercussions and shocks resulting from the COVID-19 crisis and the current global economic crisis as a result of the Russian-Ukrainian conflict, which deeply affected the economies of emerging countries.

For her part, the IMF Managing Director praised Egypt’s success in dealing with these repercussions and successive changes in global monetary policy and containing their effects, which preserved the safe course of the Egyptian economy, according to the statement.

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