Egypt, IMF reach deal on new program: PM

Egypt has reached a deal on a new programme with the International Monetary Fund (IMF), announced Prime Minister Moustafa Madbouli on Thursday.

The agreement is a testament to the stability of Egypt’s economy, added Madbouli during a joint press conference with Central Bank of Egypt (CBE) Governor Hassan Abdullah and IMF Representative in Cairo Ivana Holler.

The government’s programme, which is supported by the Washington-based lender, primarily aims to safeguard macroeconomic stability, attain public debt sustainability and improve the economy’s performance to confront external shocks triggered due to major global crises.

It also aims to strengthen the social safety nets, social protection, enhance the structural reforms to attain growth and provide jobs through the private sector, added Mabdouli during the conference, that was attended also by Planning and Economic Development Minister Hala el-Saeed.

Several phases of negotiations were held prior to reaching a new deal with the International Monetary Fund (IMF), affirmed the prime minister.

Egypt successfully managed to reach the agreement at the expert level, added the premier.

This represents a key step in finalising the new programme, he added.

Efforts crowned by concluding the deal are part of the recommendations of Egypt Economic Conference 2022, he said.

All drives brought forward advocate the necessity of having a clear monetary policy, reaching an agreement with the IMF, and introducing new social protection package, he added.

He also pointed out to the directives issued by President Abdel Fattah El Sisi to swiftly announce the agreed upon measures.

“Our goal is to see the national economy attain stability and withstand shocks during the upcoming period,” he went on to say.

The prime minister affirmed that the IMF deal allows Egypt access to $3 billion loan.

The loan is part of a $9 billion finance scheme that is expected to include one billion dollars from the sustainability fund and $5 billion by development partners, he concluded.