Kristalina Georgieva
The International Monetary Fund (IMF) resolved major issues with Egypt in its review of its $3 billion loan program, IMF’s Managing Director, Kristalina Georgieva, announced.
This came during her meeting with Egypt’s Prime Minister, Mostafa Madbouly, on the sidelines of the World Government Summit in Dubai.
The IMF team has reached the final stages to complete the first and second reviews of Egypt's program "within a few weeks”, according to Georgieva.
Georgieva’s comments, during the Asia Pacific Economic Cooperation Summit on Friday, backed up media reports in October that stated that Egypt and the IMF were discussing implementing an increase of up to $5 billion
Highlighting the possible impact on tourism-dependent countries, Georgieva stressed that the uncertainty was a “killer” for tourist revenue inflows
"Egypt has succeeded. We are currently identifying the challenges to ensure its ability to make further progress and set a date for the review."
Egypt is preparing for a review of its $3 billion IMF loan in order to receive its second tranche under the Extended Fund Facility (EFF), however, Egypt and the IMF have yet to agree on a review date
Egypt is "one of the innocent countries that were injured by mistake, and that the government did a good job in reforming the country's economy.
Georgieva added that the fight against inflation remains a priority for world countries in 2023, expecting it to decline from 8.8 percent in 2022 to 6.6 percent this year and 4.3 percent in 2024.
Georgieva added in a TV interview after her meeting with President Abdel Fattah El-Sisi on Sunday that the payment terms for the loan are that Egypt will obtain a 10-year grace period, provided that it will take another 10 years to repay the principal. and interest.
Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said the Egyptian government had made remarkable progress in implementing its economic reforms program.
Georgieva praised Egypt's expansion in social protection programs and the provision of credit to companies.
Georgieva said the Egyptian state acted “very swiftly” once the coronavirus pandemic started to protect people and therefore protect the economy.
Georgieva added that the Central Bank of Egypt has also implemented timely measures to support the domestic economy.
The meeting comes as part of a previous agreement to outline a new map for cooperation between Egypt and the IMF.
President Abdel Fattah El Sisi reiterated on Tuesday his keenness on maintaining consultation with senior officials of international financial institutions to support economic development in Egypt.
World Bank Group President Jim Yong Kim will resign effective Feb. 1, more than three years ahead of the expiration of his term in 2022.
chief executive officer of the World Bank praised President Abdel Fatah al-Sisi and the government for their efforts to reform Egypt.
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