Janet Yellen, the US Treasury Secretary, and Kristalina Georgieva, the Managing Director of International Monetary Fund (IMF), pledged full support for the Egyptian economy, according to an official statement.
Yellen affirmed the US Department of Treasury’s strong backing for Egypt’s economic reform plan and expressed a willingness to work closely with Egyptian authorities on bilateral and regional issues.
Georgieva also assured that the IMF would always be a reliable partner to Egypt during difficult times.
The high-level delegation from Egypt, which included Hassan Abdullah, the Central Bank of Egypt’s governor and country governor at the IMF, Mohamed Maait, minister of finance, and Rania Al-Mashat, minister of international cooperation, held meetings with Yellen and Georgieva. The discussions centered on economic cooperation with Egypt, including the economic reform program in collaboration with the IMF, which aims to strengthen bilateral economic ties between the two nations.
The Egyptian delegation emphasized the country’s commitment to implementing comprehensive structural reforms that would enhance the private sector, increase its involvement in economic activities, and advance the overall development agenda.
Egypt is currently in talks with the IMF to address its recent economic challenges. Cabinet Spokesperson Mohamed El-Hommosani stated last week that a mission from the IMF would likely visit Cairo in January to finalize a new time frame for the loan agreement with Egypt.
In December 2022, the IMF approved the EFF deal for Egypt and disbursed the first tranche to the country valued at $347 billion. However, the program has not made any significant progress with Egypt missing the first two reviews scheduled in March and September 2023.The US Treasury Secretary Janet Yellen and the Managing Director of International Monetary Fund (IMF) Kristalina Georgieva vowed full support for the Egyptian economy, according to an official statement on Wednesday.
Yellen reiterated the US Department of Treasury’s strong support for Egypt’s economic reform programme, adding that the department is ready to work closely with Egyptian authorities on bilateral and regional issues.
“The IMF will always be a strong partner to Egypt during tough times,” Georgieva said.
Yellen and Georgieva have met a high-ranking delegation from Egypt which included Hassan Abdullah, the Central Bank of Egypt’s governor and country governor at the IMF, Mohamed Maait, minister of finance, and Rania Al-Mashat, minister of international cooperation.
The meetings tackled economic cooperation with Egypt, encompassing the economic reform programme in collaboration with the IMF, which aims to enhance bilateral economic ties between the two nations.
The Egyptian delegation stressed the country’s commitment to executing comprehensive structural reforms that bolster the private sector, amplifying its involvement in economic activities and the overall development agenda.
Egypt is negotiating a new deal with the IMF to address its recent economic challenges.
Last week, Cabinet Spokesperson Mohamed El-Hommosani stated that a mission from the IMF would probably visit Cairo in January to finalize a new time frame for the loan agreement with Egypt.
In December 2022, the IMF approved the EFF deal for Egypt and handed the first tranche to the country valued at $347 billion. Since then, the programme has not seen tangible progress with Egypt missing the first two reviews scheduled in March and September 2023.
