Egypt Daily News – Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has announced plans to visit Egypt in ten days to assess the country’s economic situation.
During a press conference at the 2024 Fall Meetings of the IMF and World Bank Group in Washington, she emphasized the Fund’s willingness to modify its programs to better align with Egypt’s circumstances.
However, she stressed the importance of not neglecting necessary reforms to avoid escalating costs.
This announcement follows recent communications between the Egyptian government and the IMF regarding the implementation of economic reforms originally agreed upon in March, although there is now a discussion about extending the timeline for these reforms.
Georgieva pointed out that it would be more beneficial for Egypt to begin reforms promptly, especially given the significant challenges posed by ongoing conflicts in Gaza and Sudan.
In light of the regional pressures, President Abdel Fattah El-Sisi mentioned that the country may need to reconsider its $8 billion program with the IMF if international institutions do not adequately acknowledge the extraordinary challenges Egypt is currently facing.
