President Abdel Fattah Al-Sisi met with Kristalina Georgieva, Managing Director of the Worldwide Financial Fund (IMF), and her delegation in Cairo on Sunday, 2 November.
The go to comes earlier than the IMF’s fourth evaluation of Egypt’s mortgage program, doubtlessly unlocking an extra USD 1.2 billion (EGP 58.7 billion) in financing, important for sustaining Egypt’s reform initiatives.
On the coronary heart of the discussions was Egypt’s urgent want to scale back inflation, which reached 37 % final yr, whereas guaranteeing the nation’s most weak populations stay supported amid ongoing subsidy cuts.
Prime Minister Mostafa Madbouly emphasised Egypt’s dedication to a versatile alternate charge system, a central tenet of the IMF’s reform suggestions, which the federal government views as essential for constructing long-term financial resilience.
Georgieva acknowledged Egypt’s progress in macroeconomic indicators, noting the optimistic evaluation of worldwide ranking companies and up to date upgrades in Egypt’s credit standing.
She additionally counseled Egypt’s efforts to empower the non-public sector, very important for addressing the nation’s vital employment wants, in addition to its dedication to sustainable development regardless of obstacles which have impacted international forex reserves and public revenues.
Georgieva expressed the IMF’s continued help for Egypt’s aims and urged adaptability as international financial situations quickly evolve.
President Al-Sisi affirmed that the nationwide efforts will deal with easing the monetary burden on residents whereas attracting funding to stimulate development.
In line with IMF projections, Egypt’s financial development charge is anticipated to rise to 4.2 % within the 2024-2025 fiscal yr, up from 2.4 % final yr, largely pushed by initiatives to spice up private-sector funding. Inflation can also be projected to ease, seemingly settling at round 25-26 % this fiscal yr, which may present vital aid for low- and middle-income households combating excessive costs.
The IMF’s USD 8 billion (EGP 391.2 billion) program with Egypt, initially accredited in 2022 and later expanded, is designed to foster financial stability, curb inflation, and catalyze job creation. A core part of this collaboration has been the structural reform agenda, which incorporates transitioning towards a inexperienced financial system and guaranteeing sustainable growth.
