Egypt Daily News – President Abdel Fattah El-Sisi received today Kristalina Georgieva, the Managing Director of the International Monetary Fund, and the accompanying high-level delegation, in the presence of Dr. Mostafa Madbouly, Prime Minister, Hassan Abdallah, Governor of the Central Bank, Dr. Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation, and Ahmed Kouchak, Minister of Finance.
President Sisi to the IMF Director: Our priority is combating inflation and alleviating burdens on citizens
President Abdel Fattah El-Sisi, during his meeting today with the Managing Director of the International Monetary Fund, Kristalina Georgieva, affirmed that the state’s priority is combating inflation and alleviating the burdens on citizens, according to a statement from the Presidency.
President Sisi clarified that the Egyptian government is striving hard to alleviate the economic pressures on citizens by taking effective measures to combat rising prices and inflation.
He pointed out the necessity of enhancing the stability of the economic situation in the country, with a focus on providing a stable environment that supports purchasing power and improves the standard of living for citizens.
President Sisi also indicated that Egypt hopes to continue its cooperation with the International Monetary Fund in the upcoming period, emphasizing the importance of considering the changes and challenges the country has faced due to regional and international crises, which have negatively impacted dollar resources and budget revenues.
In a related context, Georgieva expressed her deep appreciation for the efforts of the Egyptian state during the recent phase, praising the carefully implemented reform program that prioritizes the most needy groups.
She confirmed that the macroeconomic indicators show significant progress despite the unprecedented challenges facing the country.
The Director General of the Fund expressed her full understanding of the magnitude of the significant challenges facing Egypt, noting that the IMF, in partnership with the Egyptian government, seeks to reach the best reform pathways that take into account all relevant dimensions, contributing to enhancing efforts for growth and development driven by private sector growth.
It emphasized the importance of focusing more on combating inflation and taking the necessary measures to curb it, in line with the current government’s directions.
“Based on President Sisi’s instructions” The government: No additional burdens on citizens after the fourth review by the IMF
Counselor Mohamed Al-Homsani, the spokesperson for the Cabinet, said that during the fourth review of the economic reform program, the implementation of the past period will be monitored and the targets of the International Monetary Fund will be reviewed.
He added, during his statements to the “Ten” channel, that Prime Minister Dr. Mostafa Madbouly confirmed that there would be no additional burdens on citizens, pointing out that the Director of the International Monetary Fund confirmed during the press conference that the Egyptian government had taken steps to enhance social protection.
He pointed out that the social protection tools implemented by the state have succeeded in alleviating the burdens on citizens, explaining that in the upcoming period, after the review with the fund, there will be consideration for the social aspect based on the directives of President Abdel Fattah El-Sisi, affirming: “We will take into account alleviating the burdens on citizens and not imposing any additional burdens on them.”
Dr. Mostafa Madbouly, the Prime Minister, confirmed that the important and highly fruitful partnership between the Egyptian state and the International Monetary Fund is being managed positively, supporting the Egyptian government in overcoming many challenges that Egypt has faced over the past periods.
This came during his reception of Kristalina Georgieva, the Managing Director of the International Monetary Fund, and her accompanying delegation, in the presence of Hassan Abdallah, the Governor of the Central Bank, Dr. Rania Al-Mashat, the Minister of Planning, Economic Development, and International Cooperation, Ahmed Kouchouk, the Minister of Finance, Sherif Farouk, the Minister of Supply and Internal Trade, Hassan Al-Khatib, the Minister of Investment and International Trade, Dr. Mohamed Maait, the Executive Director and Member of the Board of Executive Directors and Representative of the Arab Group and the Maldives at the International Monetary Fund, and Rami Aboul Naga, the Deputy Governor of the Central Bank.
Kristalina Georgieva, the Managing Director of the International Monetary Fund, discussed the alternatives for Egypt to compensate for the decline in Suez Canal revenues due to regional tensions.
She said in an interview with “Al-Ahram” newspaper today that the conflict in the region has caused severe economic damage, such as in Egypt. For example, the disruption of trade through the Red Sea has affected the revenues of the Suez Canal.
She added that the Suez Canal’s revenues have decreased by 70% compared to before the conflict, which affects foreign currency flows to Egypt and budget revenues, and also reflects on growth.
Kristalina confirmed that these challenges necessitate the need to move forward with implementing economic reforms and working on benefiting from new sources of growth.
For example, according to Georgieva, improving the business environment can help attract more private investments, and consideration can be given to reducing the time frame needed to start new projects and businesses, increasing transparency, easing regulatory burdens, enhancing access to financing, and transitioning to digital tax payment systems.
All these matters can help companies feel more confident, grow their businesses, hire more employees, and increase their investments in Egypt, according to Kristalina.
Dr. Mostafa Madbouly, the Prime Minister, held a press conference today with Kristalina Georgieva, attended by Hassan Abdallah, the Governor of the Central Bank, following President Abdel Fattah El-Sisi’s request to reconsider the economic reform program agreement in a way that does not pressure public opinion amid global and regional challenges.
During a press conference today, she confirmed the continued support of the International Monetary Fund for Egypt, acknowledging the magnitude of the challenges it faces due to geopolitical tensions in the region.
