The Prime Minister praises the fruitful partnership between Egypt and the International Monetary Fund
Director General of the International Monetary Fund: Egypt has moved successfully to achieve a flexible exchange rate system
I offer my appreciation to the President, the Egyptian government, and the Egyptian citizens for the remarkable strength they all demonstrated at that difficult time in the region
We provide full support to Egypt for the sake of state stability and economic development
Egypt has succeeded in increasing the role of the private sector as a source of support for economic growth and increasing job opportunities
Dr. Mostafa Madbouly, Prime Minister, held a This afternoon, a joint press conference was held at the government headquarters in the New Administrative Capital, with “Kristalina Georgieva,” Director General of the International Monetary Fund.
At the beginning of his speech at the conference Journalist: The Prime Minister welcomed the Director General of the International Monetary Fund and her accompanying delegation. He also welcomed the Governor of the Central Bank and the ministers attending the press conference being held on the occasion of the visit of the Director General of the International Monetary Fund to Egypt.
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Dr. Mostafa Madbouly also congratulated “Kristalina Georgieva” On re-selecting her to the position of Director General of the Fund for a second term, she once again attributed her selection to the confidence of various countries and partners in this ancient institution and in its competence and management during the first period of her assuming this position, expressing at the same time the Egyptian government’s wishes for her to succeed in performing her mission during the new period.< /p>
Dr. Mostafa Madbouly said: Kristalina Georgieva’s visit to Egypt at the beginning of her second term in charge is considered a very important message, adding: Today we were honored together to meet with President Abdul Al-Fattah Al-Sisi, President of the Republic, where the meeting was welcomed and the future steps of the joint program between the Egyptian state and the International Monetary Fund were discussed, indicating that he would leave room for the Director of the Fund to clarify some details about this matter.
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In this context, the Prime Minister announced that the fourth review of Egypt’s program with the IMF will begin the day after tomorrow, and that the Fund’s work team will begin its work as of the day after tomorrow in cooperation with officials at the Central Bank and the relevant ministries, reiterating his welcome. And his happiness with the presence of "Kristalina Georgieva" At the Council of Ministers headquarters in the New Administrative Capital.
Meanwhile, Kristalina Georgieva, Director General of the International Monetary Fund, spoke about the position of the partnership between Egypt and the International Monetary Fund at the present time.
The Director General of the International Monetary Fund began her speech by thanking and welcoming the Prime Minister and the attending ministers and officials, expressing her happiness today to meet President Abdel Fattah El-Sisi, President of the Republic, saying: As always, the meeting was fruitful and inspiring regarding the partnership between Egypt and the International Monetary Fund.
Kristalina Georgieva added, I came this time to express and present my appreciation to the President. Abdel Fattah El-Sisi, the Egyptian government, and Egyptian citizens, for the remarkable strength they all showed at that difficult time in the region.
She said: I wanted to tell everyone about Here, from Cairo, how the International Monetary Fund appreciates the depth of this partnership with Egypt, and we also provide full support to Egypt for the sake of stability of the country and achieving economic development.
The Director General of the Fund continued International Monetary Fund: We demonstrated that support last April when we made the decision to increase the size of the original program with the Egyptian government from $3 to $8 billion, which expresses our awareness of the increasing challenges and difficulties due to the surrounding circumstances.
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She added in her speech: We also did this because we realized the extent of commitment and the strength of the measures that the Egyptian state had already taken, in order to enhance economic flexibility.
She reviewed Kristalina Georgieva mentioned those measures, and in her introduction she indicated that Egypt had moved successfully to achieve a flexible exchange rate system, and in this regard she praised the efforts of Hassan Abdullah, Governor of the Central Bank of Egypt.
< p>The Director General of the International Monetary Fund continued: In addition to the above, Egypt has succeeded in increasing the role of the private sector as a source of support for economic growth and increasing job opportunities, stressing that this measure is very important if we want to provide opportunities for citizens, especially young people.
Kristalina Georgieva added that Egypt was able to enhance social protection by gradually ending government support, and providing that support to the groups that really need it.
She said: Implementing all of these measures contributed to enhancing macroeconomic stability, Noting that the results of many of these measures have already appeared on the ground, we have witnessed an increase in the growth rate, and we expect the growth rate for the current fiscal year to reach 4.2% during the fiscal year 2024-2025, compared to 2.4% during the last fiscal year, and the inflation rate has decreased. To reach about 25% or 26% after it was 37% last year, and there is a trend to reduce the inflation rate to fall to 16% or 17% by the end of the current fiscal year, and this is very important for everyone, especially the poor and the middle class in Egypt. < /p>
She added that the rate of debt accumulation has decreased, and this means that Egypt is safer in a world characterized by economic shocks.
She explained that reform is not easy, and here I would like to praise the efforts of the government and the Egyptian people, saying: My message to you is that I am fully confident that you will see the returns of these measures in the form of a more dynamic and prosperous economy.
She continued: We are in the New Administrative Capital, and what happened here shows We can achieve what we can achieve by adopting the approach of persistence, indicating that she is talking about persistence here in reference to 3 axes. First, implementing policies that will provide greater stability for the overall economy and working to reduce inflation rates. Second, what can be done in order to achieve private sector prosperity including It contributes to creating job opportunities for more than a million young people who enter the labor market every year, and the nature of the steps that the Egyptian authorities can take in this regard. The third axis is how Egyptian targets can be supported in the field of the green economy, noting that many discussions will be held about Many of these matters will take place over the next week regarding efforts to achieve these goals.
Georgieva explained: The world is changing at an ever-increasing speed, and this requires flexibility and the ability to adapt from you and from us, and above all, searching for opportunities and pursuing them in the interest of the people of this wonderful country.
She added: I came to Egypt on several visits, And every time I am amazed by the history and richness of Egypt, pointing to the story of the dog that climbed to the top of the pyramid, noting at the same time that she enjoys nature in this beautiful country and its wonderful people every time she visits Egypt.
At the conclusion of the press conference The Prime Minister thanked and appreciated Kristalina Georgieva, Executive Director of the International Monetary Fund, for attending this press conference, pointing to the fruitful partnership between Egypt and the Fund, in addition to the support that the Fund provides to Egypt in all its national plans and programs for economic reform, expressing He expects more aspects of successful and fruitful partnerships during the coming period.
Dr. Mostafa Madbouly indicated that "Kristalina Georgieva" It sent a very important message, which is that the world is witnessing an unprecedented state of uncertainty and a very rapid pace of change, which requires all governments to deal with these unprecedented challenges, and to be faster than the changes that are occurring. In order to achieve the desired success and economic growth.
