Egypt Daily News – The Director of the International Monetary Fund Kristalina Georgieva announced that the Executive Council is expected to approve an additional funding for Egypt worth $ 1.3 billion, within the hardness and sustainability program, which reflects the Fund’s commitment to support the Egyptian economy during this stage.
The additional financing of $ 1.3 billion is part of the hardness and sustainability program that seeks to enhance the ability of the Egyptian economy to confront shocks and support structural reforms that contribute to achieving sustainable economic growth.
Georgieva said that this financing is still awaiting the approval of the Executive Council, but expressed its confidence in obtaining it.
She added, “We, as an administration, are coming with a proposal in order to obtain a large share of the solidity and sustainability program for Egypt. Our board of directors must give us the conclusion of approval, and I am completely confident. ”
The Executive Director stated that the IMF has finished working with the Egyptian authorities regarding the completion of the fourth review of the reform program, praising the policies followed by the Egyptian government.
“We are very comfortable with the reform package in Egypt. The amendments made to reflect the difficult circumstances the country faces, but the basic goals have not changed. ”
She pointed out that the ongoing conflicts in the region cast a shadow over economic stability, expressing her hope that the ceasefire in Gaza will help calm the situation, which may benefit the Egyptian economy.
“We have to realize that the loss of revenues from the Suez Canal is very important, in addition to the complexity of the economic image in the region in general because of the conflict,” noting that the decline in revenues as a result of factors outside the will of Egypt, which prompted the fund to reassess the path of reforms .
Among the important points raised by Georgieva is that the Egyptian government did not require changing the goals of economic reform, but it sought to make the implementation more compatible with the changing financial conditions.
In this regard, she said: “They did not ask to change the goals of reform, what they requested is to make the course of implementation in line with the changes in the financial conditions, and this confirms that Egypt is still committed to its reform agenda, but it works to control financial and monetary policies; To ensure the achievement of the desired results without negatively affecting social and economic stability. ”
