Bloomberg/Sima Diab

Economy

Egypt says IMF keen on new programme to ‘preserve’ economic gains

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In June 2019, Egypt’s Finance Minister Mohammed Maait said that the government was in talks with the Washington-based fund to secure a non-financial agreement.

Wednesday 16, October 2019

Egypt said the International Monetary Fund (IMF) is interested in starting a new programme to preserve the success achieved by its $12 billion loan agreement, reported Bloomberg.

In a statement the Prime Minister’s office said that while lauding Egypt’s efforts over the past three years, the IMF’s new Managing Director said that the fund needed to make a greater effort in developing the country’s human capital.

In a meeting with Prime Minister Mostafa Madbouly, Kristalina Georgieva, the IMF Managing Director stressed the fund’s desire to start a strong cooperation programme with Egypt in the coming period, in order to preserve the achievements realised under the reform programme and to aid with efforts” to boost structural changes.

The IMF programme is credited with helping restore investor confidence in the most populous Arab country, though critics say austerity measures to repair public finances have led to rising poverty rates.

TAGS : International Monetary Fund , Mohammed Maait, Egypt finance minister

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