By Manal Abdel Fattah
The ambassadors of Italy, Canada, the European Union, France, Germany, Japan, the United Kingdom and the United States of America in Cairo issued a joint statement welcoming Egypt’s agreement with the International Monetary Fund.
The ambassadors said in a statement issued today: “We, the ambassadors of Italy, Canada, the European Union, France, Germany, Japan, the United Kingdom, and the United States of America, welcome the agreement at the stakeholder level that was reached between Egypt and the staff of the International Monetary Fund.”
In their statement, the ambassadors stressed that it is “an important step towards ensuring economic stability and long-term growth and supporting reform efforts in Egypt.”
Prime Minister Dr. Mostafa Madbouly announced the signing of the agreement between Egypt and the International Monetary Fund, and said that the agreement comes within the framework of policies for integrated structural reforms of the Egyptian economy.
He pointed out that this program is Egyptian, prepared by the government and the Central Bank, and there is agreement with the IMF. He added: The program targets very clear indicators by increasing foreign cash reserves, reducing debt, whether domestic or foreign, ensuring the flow of direct foreign investment, increasing the growth rate of the Egyptian economy, reducing inflation, and creating opportunities. Work with social protection programs.
Madbouly stressed that the goal is for the private sector to return to being the largest contributor to the total investments that occur throughout the year in the public economy.
He added that the goal for the fiscal year 24/25 is for the ceiling of total public investments in all regions of the state to not exceed one trillion pounds.
He explained that the program has been increased from 3 billion dollars to 8 billion dollars, and with the signing, we will be able to apply to the Environmental Sustainability Fund to obtain another loan in the range of 1 billion or 1.2 billion dollars, bringing the total for the program with the Fund to 9.2 billion dollars.
He continued: “Once the rest of the development partners sign with the Fund, led by the World Bank, the European Union and a number of other partners, they will also provide soft loans to the Egyptian state.”
