Prime Minister: We look forward to receiving the Director of the International Monetary Fund in Egypt during the coming period

Prime Minister: We look forward to receiving the Director of the International Monetary Fund in Egypt during the coming period

Published on: Monday, February 12, 2024 – 9:49 AM | Last updated: Monday, February 12, 2024 – 9:49 AM

Today, on the sidelines of his participation in the “World Government Summit 2024” held in Dubai, Dr. Mostafa Madbouly, Prime Minister, met with Kristalina Georgieva, Director General of the International Monetary Fund, and her accompanying delegation.

This came in the presence of Hassan Abdullah, Governor of the Central Bank, Dr. Hala Al-Saeed, Minister of Planning and Economic Development, Dr. Rania Al-Mashat, Minister of International Cooperation, Dr. Mohamed Maait, Minister of Finance, and Dr. Mahmoud Mohieldin, Executive Director of the International Monetary Fund.

At the beginning of the meeting, the Prime Minister affirmed his appreciation for the existing cooperation between the Egyptian government and the International Monetary Fund, expressing his aspiration to receive the Director of the International Monetary Fund in Egypt during the coming period.

He pointed out that the Egyptian government is continuing its comprehensive economic reform efforts, which include, among many goals, reducing inflation rates and the debt ratio of gross domestic product. He also stressed the continuation of efforts to support the private sector.

He added that the government is also continuing to implement social protection programs, citing the social package launched by President Abdel Fattah El-Sisi, President of the Republic, last week, which included increasing the minimum wage for workers by 50% as well as increasing pension values, also pointing to the Decent Life Program as one of the most important social programs. Which the Egyptian government is working to implement to improve the standard of living of Egyptian citizens in the countryside throughout the Republic.

Dr. Mostafa Madbouly touched on the developments in the regional situation and their impact on Egypt, and the burdens placed on the Egyptian state, in light of its reception of about 9 million non-Egyptian guests from other countries.

The Prime Minister focused on the deteriorating humanitarian situation in the Gaza Strip, noting the continuation of Egyptian efforts at all levels to reach a ceasefire and find a radical solution to the crisis by launching serious negotiations between the two parties to bring peace and implement the two-state solution in accordance with agreed upon international references.

Dr. Mustafa Madbouly indicated that the Egyptian state is also continuing its efforts to provide the required humanitarian aid to the Palestinian brothers in the Gaza Strip, explaining that 130,000 tons of aid have been provided to the people of Gaza, including 100,000 tons of aid contributed by Egypt alone.

Counselor Muhammad Al-Homsani, the official spokesman for the Presidency of the Council of Ministers, said that the meeting discussed continuing consultations with Fund officials regarding the second and third review of the economic program supported by the “Extended Fund Facility” agreement.

In turn, the Director General of the International Monetary Fund said that she understands the effects of regional developments on Egypt, especially the developments of the war in the Gaza Strip, and the threat to navigation security in the Red Sea.

She indicated that the Fund supports the government in the field of economic reform, as well as to ensure the implementation of social policies aimed at reducing the burdens on Egyptian citizens, especially those with limited income.

The Prime Minister concluded the meeting by talking about his aspiration to conclude consultations on reviews of the economic reform program during the next short period and to continue cooperation between the two sides in this regard.


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