Tuesday, September 25, 2018

Egypt's Sisi Discussed "Good Progress, Strong Recovery" of Economy with IMF's Lagarde
Ahram Online
Monday 24 Sep 2018

Egyptian President Abdel-Fattah El-Sisi discussed on Sunday in New York with Christine Lagarde, the chief of the International Monetary Fund, the "good progress" Egypt has made in its economic reform, a statement by the IMF read.

“President El-Sisi and I discussed the good progress Egypt’s economic reform program that was supported by the IMF’s US$12 billion Extended Fund Facility has made," said Lagarde following her meeting with El-Sisi on the sidelines of the 73rd Session of the UN General Assembly.

The IMF chief added that "Egypt’s economy is showing strong signs of recovery, and its economic growth is among the highest in the Middle East."

Meanwhile, El-Sisi expressed his appreciation for the constructive cooperation between his government and the IMF within the framework of implementing Egypt's economic reform program, stressing Cairo's desire to continue cooperation with the Fund, a statement by the Egyptian presidency read.

“We agreed on the importance of capitalizing on Egypt’s macroeconomic gains to advance the authorities’ home-grown structural reforms. These reforms will help achieve more sustainable, inclusive and private-sector led growth, which will help create jobs for Egypt’s young population while also ensuring that adequate resources are available for social protection. I reiterated the Fund’s commitment to support Egypt and its people,” says Lagarde.

In the same context, El-Sisi highlighted "the Egyptian people's understanding of economic measures, in the belief that economic problems must be dealt with decisively in order to achieve a real developmental change that will positively affect all citizens."

The president also stressed Egypt's desire to create an attractive business climate and draw more foreign investments, with the aim of raising growth rates, reducing unemployment and public debt, and reviewing the administrative and legislative reforms taken to stimulate investment and provide a supportive environment.

The meeting was attended by Egypt's Minister of Foreign Affairs Sameh Shoukry, Investement and International Cooperation Minister Sahar Nasr, and Minister of Trade and Industry Amr Nassar. It was also attended by top officials of the IMF.

It has been a year-and-a-half since Egypt signed its Extended Fund Facility (EFF) with the IMF under which it will receive $12 billion over a three-year period.

Since the programme with the IMF began, the government has focused on fiscal consolidation, which has included spending cuts and tax increases. It has also liberalised the foreign-exchange market and tightened monetary policy.


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