IMF Chief, US Secretary pledge support for Egyptian economy amidst challenging times

CAIRO - 10 January 2023: The United States Secretary of the Treasury, Janet L. Yellen, and the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, have both emphasized their support for Egypt and its economy. This affirmation came during a meeting held in Washington, where Secretary Yellen engaged with a high-level Egyptian delegation led by the Minister of Finance, Mohamed Maait, the Minister of International Cooperation, Rania Al Mashat, and the Governor of the Central Bank of Egypt, Hassan Abdalla.

 

During the meeting, Secretary Yellen underscored the unwavering support of the United States for Egypt and its ongoing economic reform program. Furthermore, she expressed the readiness of the US Treasury to collaborate closely with Egypt on both bilateral and regional matters.

 

The Ministry of Finance issued a statement noting the consensus reached during the meeting, which highlighted the need for international cooperation to mitigate the impact of internal and external shocks on developing nations and emerging economies.

 

The Egyptian delegation reaffirmed their country's commitment to implementing structural reforms aimed at bolstering the private sector's role in the economy and fostering comprehensive development. This commitment to reforms aligns with Egypt's vision for empowering the private sector as a key driver of economic growth.

 

The Egyptian delegation also met with Kristalina Georgieva, the Managing Director of the IMF, who reiterated the organization's partnership with Egypt during these challenging times. The IMF's commitment to supporting Egypt's economic endeavors remains resolute, signaling its dedication to assisting the country in navigating the existing difficulties.

 

Earlier in October, the Egyptian government was engaging in negotiations with the IMF, expressing the country's assurance in its ability to tackle the concerns associated with the ongoing program.

 

People familiar with the talks reveal that Egypt is seeking to raise its Extended Fund Facility (EFF) loan beyond $3 billion. Latest statements from the IMF Managing Director, said that the organization was “seriously considering” an augmentation due to the economic impact of the Israeli war on Gaza.