Ambassador Ahmed Fahmy, spokesman for the Presidency of the Republic, stated that the meeting discussed developments related to the implementation of the Egyptian economic reform program, which is being carried out in partnership with the Fund.
He pointed out that President Sisi expressed Egypt’s aspiration to complete cooperation with the Fund during the coming period, and to build on what has been achieved with the aim of enhancing the stability of economic conditions and reducing inflation rates, while taking into account the changes and the magnitude of the challenges that Egypt has been exposed to in the recent period due to regional and international crises.
Al-Sisi stressed, according to the statement, that these challenges had a significant impact on the dollar resources and Egyptian budget revenues, stressing that the state’s priority is to reduce the pressures and burdens on citizens, especially by combating inflation and rising prices, while continuing efforts to attract investments and empower the private sector. To increase employment and growth rates.
For her part, the Director of the International Monetary Fund affirmed her “full understanding of the magnitude of the great challenges facing Egypt in light of regional and international developments.”
Georgieva noted that the Fund seeks, in partnership with the Egyptian government, to reach the best reform paths that take into account all relevant dimensions, and in a way that preserves the results of reforms that have a positive impact on the Egyptian economy, especially in terms of improving the overall indicators of the economy, and enhancing growth and development efforts, driven by Mainly due to the growth of the private sector.
She pointed out that the Fund fully agreed with the importance of focusing more on combating inflation and taking measures to reduce it.
Georgieva expressed “her deep appreciation for the efforts of the Egyptian state during the last stage, and the reform program that is being carefully implemented, while putting the most needy groups at the top of priorities.”
She praised the progress made by macroeconomic indicators despite the unprecedented challenges in the current period, which are indicators that were reflected in the positive outlook of international credit rating institutions, the raising of Egypt’s credit rating, and the increase in investments.
The meeting comes after Sisi earlier called on the Egyptian government to review the agreement with the International Monetary Fund, “and take into account the challenges we face, including the loss of $6 to $7 billion in income from the Suez Canal.”
Al-Sisi said, last October 20, that “this situation is likely to continue for a year,” while the program agreed upon with the Fund will cause “pressure on the people,” calling for the program to be amended in light of the presence of new variables that have occurred in the Egyptian economy, compared to what was previously. When an agreement with the Fund is expected in 2022, due to the crises in the region,
Source: RT
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**Interview with Ambassador Ahmed Fahmy: Insights on Egypt’s Economic Reform Program**
**Interviewer:** Thank you for joining us today, Ambassador Fahmy. We’ve been hearing about the Egyptian economic reform program and its partnership with the International Monetary Fund. Can you share an overview of the recent meeting?
**Ambassador Fahmy:** Thank you for having me. The meeting primarily focused on the progress of our economic reform program, which we are undertaking in partnership with the IMF. President Sisi emphasized the importance of building upon the achievements we have made so far, with the goal of enhancing economic stability and reducing inflation.
**Interviewer:** What specific challenges has Egypt faced recently that have impacted its economic conditions?
**Ambassador Fahmy:** Recently, we have been confronting significant challenges, largely due to regional and international crises. These challenges have notably affected our dollar resources and budget revenues. The priority for the government remains to alleviate the burdens on our citizens, especially by addressing rising inflation and costs.
**Interviewer:** Can you elaborate on how the government plans to tackle inflation and rising prices?
**Ambassador Fahmy:** Certainly. Our approach includes strict measures to combat inflation while also making efforts to attract investments. We believe that empowering the private sector is crucial in generating employment opportunities and boosting growth rates, which will ultimately help stabilize prices and economic conditions for our citizens.
**Interviewer:** The Director of the IMF, Kristalina Georgieva, mentioned understanding the challenges Egypt is facing. How does the partnership with the IMF play a role in this context?
**Ambassador Fahmy:** The cooperation with the IMF is essential. Ms. Georgieva has expressed the Fund’s full understanding of the immense challenges we are dealing with. Together, we are committed to identifying the most effective reform paths tailored to Egypt’s unique situation, ensuring that we navigate these difficulties while pursuing sustainable economic growth.
**Interviewer:** Thank you for your insights, Ambassador. It sounds like Egypt is on a path of resilience, particularly in these trying times.
**Ambassador Fahmy:** Thank you for the opportunity to discuss our efforts. We remain hopeful and committed to building a stable and prosperous future for Egypt.
