CAIRO: Egypt’s decision to start talks with the International Monetary Fund to consult on a new program is aimed at maintaining economic and financial stability and promoting comprehensive structural reforms, the country’s finance minister has said.
Mohamed Maait explained that “this step also comes to preserve the ability of the Egyptian economy to withstand external shocks and the potential repercussions in the event of the continuation of the conflict in Ukraine.”
The new IMF program does not include any additional burdens on citizens, but rather aims to preserve the gains of the economic reform program, sustain positive job-rich growth rates and maintain a declining path of deficit and debt rates of gross domestic product, he said.
He added that this comes by providing greater opportunities for the private sector in the development process, in a way that increases economic activity.
The minister affirmed that “the government is closely following the repercussions of the Russian-Ukrainian crisis on global prices and supply and supply chains, which coincide with a significant and accelerating rise in global interest rates.”
In light of this, Egypt is keen to take necessary measures and policies to ensure macroeconomic stability, sustain its ability to flexibly deal with unprecedented global challenges, and ease the burden on the citizens and sectors most affected.
