(AFP Photo)
Interim Prime Minister Hazem El-Beblawi met with the International Monetary Fund’s (IMF) managing director Christine Lagarde on the sidelines of the Davos World Economic Forum to discuss the latest developments in Egypt’s economic situation, an official statement issued by the cabinet read.
During the meeting, the prime minister praised the vital role played by the IMF, noting that Egypt had signed agreements with the fund during the implementation of its economic reform programme.
El-Beblawi briefed Lagarde on developments in Egypt’s economic conditions, which he said had improved significantly over the past six months, and have positively reflected on the stock market and on the country’s credit rating.
Earlier this month, international ratings agency Fitch upgraded Egypt’s economic outlook from negative to stable, attributing the upgrade to the country’s balanced economic risks. This was the first upgrade the country saw since January 2011.
The agency maintained its long-term foreign and local currency sovereign credit rating at B-.
Egypt’s interim prime minister also reviewed the latest steps taken by the government to create a legislative environment that is favourable for investment.
The statement noted that both parties agreed to enhance their cooperation during the coming period, especially through technical assistance in the areas of monetary and financial policies “in order to take advantage of the unique expertise of the fund in these lines of business.”
The statement did not mention if there had been any discussion on the much debated IMF loan, however.
