Press Release No. 11/394

Press Release: Statement by an IMF Mission to Egypt

November 3, 2011

Ms. Ratna Sahay, Deputy Director of the Middle East and Central Asia Department and head of the IMF mission in Egypt issued the following statement in Cairo today:

“An IMF mission visited Cairo from October 26 to November 3, 2011, at the request of the authorities, to take stock of recent economic developments and assess financing needs. The mission wishes to thank the authorities for the excellent discussions.

“Egypt’s medium-term economic potential is promising. However, maintaining macroeconomic stability and social cohesion amidst modest short-term growth prospects and a weakening external environment remains challenging. The mission welcomes the authorities’ progress towards preparing a homegrown Egyptian strategy to meet these challenges and implement an inclusive growth and job creation agenda. The IMF looks forward to continuing to engage with the Egyptian authorities.”