CAIRO – 12 February 2024: Prime Minister, Mostafa Madbouly, met with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), during the World Government Summit.
Madbouly expressed gratitude for the ongoing collaboration between the Egyptian government and the IMF, the meeting also touched upon the ongoing consultations with IMF officials regarding the second and third review of the economic program supported by the Extended Fund Facility agreement.
Georgieva acknowledged the regional challenges, specifically the impact of the war in the Gaza Strip and the attacks in the Red Sea on Egypt. She emphasized the IMF's support for Egypt's economic reforms and the implementation of social policies aimed at alleviating the hardships faced by Egyptian citizens, particularly those with low incomes.
Madbouly confirmed the Egyptian government's commitment to comprehensive economic reforms, including reducing inflation rates, decreasing the debt-to-GDP ratio, and bolstering the private sector.
In a recent interview with Asharq Bloomberg, Georgieva disclosed that the IMF is planning to significantly increase its support for Egypt.
According to sources cited by Asharq Bloomberg, in early February, the IMF mission engaged in urgent discussions with the Egyptian government regarding a potential expansion of the current $3 billion loan to $10 billion.
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