President El-Sisi Receives IMF Managing Director

President Abdel Fattah El-Sisi met today with the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, in Paris.

The Spokesman for the Egyptian presidency stated that the meeting discussed the fruitful cooperation between Egypt and the IMF over the past years. The President expressed his appreciation for this constructive partnership that led to the success of the implementation of the comprehensive economic reform program Egypt is pursuing. The President expressed his keenness to continue cooperation with the IMF since this partnership has provided a positive environment for all investors and global financial markets in the Egyptian economy.

In this context, Egyptian citizens have a major role in the success of the state’s efforts to implement reform, the President affirmed. With their awareness and understanding of the inevitability of implementing reform measures, the Egyptian citizens have contributed to the progress that was reflected in the positive indicators of the Egyptian economy, as evidenced in the official statement of the IMF.

Egypt’s credit rating was also improved by specialized international institutions, especially amid the Covid-19 pandemic, which witnessed an economic recession at the global level. However, the Egyptian economy recorded a remarkable positive growth during that period.

For her part, Ms. Georgieva affirmed the IMF’s aspiration to continue the distinguished bilateral relations with Egypt as a success story and a role model. She also praised Egypt’s remarkable economic performance despite the Covid-19 pandemic as well as the economic and structural goals it has achieved within the economic reform program.

She further commended the Egyptian ability to withstand and absorb the negative impacts of the Covid-19 pandemic as Egypt’s economy has recently been one of the fastest growing economies in the world. She further noted the ongoing improvement in the overall indicators of the Egyptian economy, the implementation of giant national investment projects, and the gradual return of growth in the tourism sector.

Ms. Georgieva affirmed the IMF’s keenness to continue highlighting Egypt’s success stories as well as its various reforms and economic and development achievements. This is in addition to its successful partnership with the IMF as a model to be emulated by other countries, similar to the current successful partnerships and relations between Egypt and other major international financial institutions.

This will, therefore, contribute to strengthening the regional and international outlook on the Fund and the positive publicity for its activities, thus expanding the Fund’s cooperation with other countries within and beyond the region.