The government: applying to the International Monetary Fund to start consultations on a new program to support the country

The global economy, especially emerging economies, is currently exposed to simultaneous external shocks, represented by an unprecedented rise in the prices of goods and services, and the high cost of financing in light of the fact that many global central banks have increased their interest rates to curb rising inflation, in addition to the significant negative economic repercussions The Russian-Ukrainian crisis, which contributed to further rises in the prices of energy, food commodities and minerals, as well as increased uncertainty and panic by investors, which led to the decline and exit of their investments from many emerging countries.

In this context, Ambassador Nader Saad, the official spokesman for the Presidency of the Council of Ministers, stated that the priorities of the Egyptian state during the current stage are the rapid adoption of various policies and measures that guarantee the stability of the economic and financial conditions of the country, and work on the availability of basic commodities for citizens, in addition to announcing, as well as Implementation of an integrated financial package of measures and procedures aimed at providing adequate support to the economic sectors and the groups most affected by concurrent external shocks.

All authorities in the country will work to ensure the availability of production requirements, and to continue providing aspects of support to the industrial, agricultural and export activities sectors.

Saad added: In parallel with this, the Egyptian government aims, during this stage, to continue efforts to implement the necessary economic and structural reforms to ensure the preservation of the path of strong, balanced and sustainable economic growth, and to ensure the achievement of comprehensive development in Egypt, while targeting increasing the role and contribution of the private sector in all areas. aspects of economic activities.

To achieve this, the Egyptian state and its institutions continue to cooperate with all international partners and institutions, to ensure 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 been in regular contact and consultation since the end of the previous program with him. Successfully, with the aim of reaching a new agreement on a program of support and technical advice for the economic and financial policies pursued.

Ambassador Nader Saad, the official spokesman for the Presidency of the Council of Ministers, said: In light of the current developments, Egypt has submitted a request to the International Monetary Fund to start consultations between the two parties regarding a new program, aimed at supporting the Egyptian state in its plans for comprehensive national economic reform, and the program may include additional financing for Egypt.