President Abdel Fattah Al-Sisi met Monday with Prime Minister Mostafa Madbouly and Central Bank of Egypt Governor Hassan Abdalla to review Egypt’s macroeconomic indicators. The meeting followed a recent visit by the International Monetary Fund (IMF) and its reaffirmation of support for the country’s economic reform efforts.
The president received a briefing highlighting positive trends in the banking sector, monetary policy, the exchange rate, and the Central Bank of Egypt’s inflation-control measures.
The government’s efforts to bolster foreign currency reserves were also discussed. Following the briefing, President Al-Sisi instructed the Central Bank of Egypt and the banking system to continue providing crucial resources for production and industry in key sectors, to foster Egypt’s overall economic growth.
The IMF’s backing comes amid ongoing economic challenges exacerbated by regional instability. Last week, IMF Communications Director Julie Kozack, speaking in Washington, D.C., underscored Egypt’s commitment to crucial reforms designed to safeguard macroeconomic stability.
“Kristalina Georgieva, the managing director of the IMF, had a very constructive visit to Egypt that underscored the fund’s support for Egypt’s resilience and efforts to maintain its economic stability,” Kozack said during a press briefing. She added that the visit took place against a backdrop of heightened regional tensions impacting Egypt’s economic growth prospects.
The IMF mission’s recent visit to Egypt yielded significant progress in policy discussions for the fourth review of the country’s 46-month loan program. Approved in 2022 and expanded to $8bn earlier this year, the program addresses Egypt’s economic difficulties, including rising inflation and foreign currency shortages. Successful completion of the review would release a further $1.2bn in financing for Egypt.
