New program with IMF to support structural reforms- minister

CAIRO - 31 March 2022: Egypt’s new program with the International Monetary Fund (IMF) targets supporting the structural reforms that boost the national economy without placing any burdens on citizens, Finance Minister Mohamed Maait said Wednesday.

 

Maait’s remarks came after his meeting with IMF director Kristalina Georgieva which was held on the sidelines of the World Government Summit 2022.

 

He hoped of continued support of IMF to the Egyptian economy to help the country face the current unprecedented economic crisis that caused a sharp rise in price of raw materials as well as the repercussions of the Ukrainian-Russian conflict that threaten world food supply chains.

 

As part of efforts to face the current economic situation, Maait referred to the 130-billion-pound package of assistance the government approved for social protection.

 

He also referred to a decision to increase pensions by 13% starting from July, at a total cost of about EGP 31bn and an increase of the salaries of public employees by a total of about EGP 37bn.

 

The two sides discussed cooperation ahead, in continuation to the success achieved through a previous program that granted the Egyptian economy needed resilience to absorb the internal and external shocks.

 

For her side, Georgieva said the IMF is to sustain its support to Egyptian reforms, as the IMF has entered into negotiations with the Egyptian team to coordinate another cooperation program.