IMF commited to support Egypt, its people: managing director

CAIRO – 10 April 2019: Christine Lagarde, managing director of the International Monetary Fund (IMF), said that she discussed with the visiting Egyptian president the North African country’s economic reform program backed by the IMF’s Extended Fund Facility (EFF).

This comes as President Abdel Fatah al-Sisi has visited Washington, to promote bilateral relations and enhance strategic cooperation between the two countries, where he also met his American counterpart.

Lagarde said in a statement released by her that she affirmed the Fund’s commitment to support Egypt and its people, adding that she discussed with President Sisi progress under the IMF-supported Egyptian economic reform program.

President El Sisi and I discussed progress under Egypt’s economic reform program supported by the IMF’s US$12 billion Extended Fund Facility. The program has progressed well and the final review is planned for the coming months. The economy continues to grow robustly, unemployment is at its lowest level since 2011, foreign exchange reserves are at comfortable levels, and public debt is on a downward trajectory supported by growth-friendly consolidation efforts, the statement said.

“We agreed on the importance of continuing with the authorities’ structural reform agenda, which aims to support inclusive growth and address constraints to private sector development. These reforms will help achieve more sustainable, inclusive, and private-sector led growth, which will create jobs for Egypt’s young population. It is also important to ensure that adequate resources are available for social protection. I reiterated the Fund’s commitment to support Egypt and its people.”