Sisi to IMF Managing Director: Priority is to ease burden on citizens

President Abdel Fattah El-Sisi received today, Sunday, Kristalina Georgieva, Managing Director of the International Monetary Fund, who is visiting Egypt to discuss lending and economic development programs.

Egyptian presidential spokesman Ahmed Fahmy said in a statement: “The meeting discussed the progress made in implementing the Egyptian economic reform program, which is being coordinated with the International Monetary Fund.”

During the meeting, President Sisi said that “Egypt looks forward to continuing cooperation with the International Monetary Fund during the coming period and building on what has been achieved to enhance economic stability and reduce the inflation rate.”

Sisi pointed out “the need to take into account the changes and size of the challenges that Egypt has faced recently due to regional and international crises that have greatly affected dollar resources and budget revenues.”

Sisi stressed that “the state’s priority is to ease the pressures and burdens on citizens, especially by combating inflation and rising prices, while continuing efforts to attract investment and empower the private sector to increase employment and growth rates.”

The statement quoted Georgieva as saying, "She expressed her deep appreciation for the efforts of the Egyptian state in the last phase and the carefully implemented reform program that placed the most vulnerable groups at the forefront of its priorities."

The Managing Director of the International Monetary Fund praised "the progress made in macroeconomic indicators despite the unprecedented challenges in the current period, which was reflected in the positive outlook of international credit rating agencies, the raising of Egypt's credit rating and the increase in investment.

The Director of the International Monetary Fund confirmed that she fully understands the size of the major challenges facing Egypt in light of regional and international developments, and that the International Monetary Fund, in partnership with the Egyptian government, will work to enhance growth and development efforts, driven in particular by the improvement of macroeconomic indicators and growth in the private sector in particular. The International Monetary Fund seeks to find the best path for reform, taking into account all relevant aspects, in a way that preserves the positive impact of reforms on the Egyptian economy. He stressed that the Fund fully agrees on the importance of increasing focus on combating inflation and taking measures to contain it. He stressed that the International Monetary Fund fully agrees with the importance of taking measures to control inflation.