IMF Managing Director says Egypt became one of the fastest growing economies in the world

CAIRO – 18 May 2021: International Monetary Fund [IMF] Managing Director Kristalina Georgieva said, Tuesday that Egypt has become one of the fastest growing economies in the world.

She added during participating at the Financing African Economies Summit held in Paris and attended by President Abdel Fattah El Sisi that the Fund looks forward to continuing its outstanding cooperation with Egypt, which she described as a success story and a model to be followed.

Georgieva praised the Egyptian economic performance despite the pandemic, according to presidency spokesperson Bassam Rady, as well as the economic and structural targets it has achieved within the framework of the economic reform program.

IMF Managing Director also lauded the resilience and ability of the Egyptian economy to overcome the negative effects of the pandemic and become one of the fastest growing economies in the world, noting the present improvement in its overall indicators as well as the implementation of giant national investment projects and the gradual rebound seen by the tourism sector.

She expressed keenness to highlight the successes made by Egypt and spotlight its reforms and economic and development achievements, as well as its successful partnership with the Fund as a model to be followed by other countries.

Egypt’s President Abdel Fattah El Sisi participated Tuesday in Financing African Economies Summit which was held in Paris and divided into two sessions; including the external financing and debt, and the private sector development, reforms and infrastructure.

During the summit which was attended by Georgieva, Sisi said that support directed to development efforts in Africa is much less than its actual needs, as evidenced by African countries' poor access to coronavirus vaccines.

According to Presidential Spokesman Bassam Rady Sisi called on the international community to provide the necessary support needed by African states to counter the coronavirus pandemic.

The attendees at the summit agreed on the importance of crystalizing a joint vision to back African countries in this health crisis, through allocating resources from the private sector and launching initiatives to maximize the concessional financing available to the continent, the spokesman added.

President Sisi paid Paris a visit to attend a conference for Supporting Sudan's Transitional Period and the Funding African Economies Summit.