Egypt Daily News – Dr. Mostafa Madbouly, Prime Minister of Egypt, and Nigel Chalk, Deputy Managing Director of the International Monetary Fund (IMF), gave press statements following their extended meeting held this evening at the government headquarters in the New Administrative Capital.
The meeting took place on the sidelines of the IMF delegation’s ongoing visit to Egypt to conduct consultations related to the fifth review of the economic reform program implemented by the government and the Central Bank of Egypt in cooperation with the IMF.
It was attended by Hassan Abdalla, Governor of the Central Bank, Dr. Rania Al-Mashat, Minister of Planning and Economic Development and International Cooperation, Ahmed Kouchouk, Minister of Finance, and Dr. Mohamed Maait, Executive Director and Board Member representing the Arab group and the Maldives at the IMF.
At the start of his remarks, Dr. Mostafa Madbouly welcomed Nigel Chalk on his first official visit to Egypt, along with the accompanying IMF delegation. He noted that this important visit follows Mr. Chalk’s appointment as the official responsible for Egypt’s file at the IMF.
The Prime Minister expressed Egypt’s appreciation for its partnership with the IMF over the past years across several economic reform programs that the country has implemented. These programs have helped Egypt face numerous global and domestic challenges with the support and coordination of the IMF.
Dr. Madbouly highlighted that the current national economic reform program, developed by the Egyptian government and supported by the IMF, is a tangible example of success. He emphasized the steady implementation of this important program, which includes adopting a flexible exchange rate regime, increasing foreign currency reserves, maintaining fiscal discipline, and working to reduce the debt-to-GDP ratio.
He added that the Egyptian economy has demonstrated resilience in absorbing major external shocks, similar to other countries worldwide. This has been confirmed by the IMF, which recognized Egypt’s steady progress in its economic reform path.
As a result, key macroeconomic indicators have improved, including accelerated growth, with real GDP growth reaching approximately 3.9% in the first half of the current fiscal year—an important positive sign. Additionally, private sector investment increased by 80%, and foreign direct investment grew by about 17% during the period from July to December 2024.
Dr. Madbouly also stated that non-oil exports grew by about 33% during the first nine months of the year. These indicators contributed to strong growth in productive sectors such as industry, communications and information technology, tourism, and other vital areas, thereby strengthening investor confidence in the Egyptian economy. Furthermore, the unemployment rate fell to below 7%, the lowest in Egypt’s recorded history.
He also noted a significant decline in inflation rates. Last month, inflation fell to 13.9% compared to more than 37% during the same period last year. He added that there is a downward trend in public debt, and the budget deficit decreased to 6.5% over the past ten months, down from 6.7%. The government aims to reduce the debt-to-GDP ratio to about 85% by the end of June 2025, compared to 96% in June 2023.
The Prime Minister affirmed Egypt’s continued commitment to the economic reform path and its determination to exert maximum effort. He thanked the IMF and its team, noting the successful completion of four previous reviews under the current program and confirming that the fifth review is underway in coordination with the IMF team, with the goal of completing it successfully.
In conclusion, Dr. Madbouly once again welcomed Mr. Nigel Chalk and expressed gratitude to him and the IMF team for their ongoing efforts in supporting Egypt’s implementation of its economic reform program.
