A delegation from the International Monetary Fund conducted fruitful technical consultations and discussions with the Egyptian authorities to discuss a new program under the Extended Fund Facility (EFF) mechanism with the aim of providing support to the Egyptian state to support its plans related to comprehensive national economic reform, in a manner that ensures the stability of economic conditions, especially during that period that is passing It aims to increase the role and contribution of the private sector in various aspects of economic activities, as well as increase the role and contribution of the productive sectors and export activities.
This was stated by Ambassador Nader Saad, the official spokesman for the Presidency of the Council of Ministers, adding: The global economy, especially emerging economies at the present time, is exposed to simultaneous external shocks, represented by an unprecedented rise in the prices of goods and services, especially the prices of energy and food commodities and the high cost of financing, as well as the increasing situation Uncertainty, which led to an unprecedented inflationary wave pervading the whole world, and a decline in investments and outflows from emerging countries.
In this context, Ambassador Nader Saad, the official spokesman for the Presidency of the Council of Ministers, stated that the consultations between the two sides will continue in the coming weeks to reach an agreement at the level of experts between the two sides, allowing support for the Egyptian state’s economic plans in the medium term, and allowing the release of the enormous capabilities of the Egyptian economy. And reduce the negative consequences of the conditions of the global economy on the Egyptian economy.
Saad added: “The priorities of the Egyptian state during the current stage are to quickly take policies and measures that ensure the stability of the country’s economic and financial conditions, reduce the negative effects of these global conditions on the Egyptian economy, work on the availability of basic commodities for citizens, and social protection for eligible segments while stabilizing conditions.” economic and financial reforms, in addition to strengthening efforts to implement the necessary economic and structural reforms.
To achieve this, the Egyptian state and its institutions continue to cooperate with all international partners and institutions, to ensure the consistency of policies and reforms followed with best international practices and experiences, and among those bodies is the International Monetary Fund with which the Egyptian authorities have strong and continuous relations and partnerships.