Statement by the IMF Managing Director on Egypt
IMF News, April 9, 2019
Source details
- Canonical URL
- Statement by the IMF Managing Director on Egypt
Other formats
Bibliographic details
- Published: April 9, 2019
Meeting and program status
- Date of statement: April 9, 2019.
- Following a meeting in Washington between Christine Lagarde, Managing Director of the International Monetary Fund, and President Abdel Fattah El Sisi.
- Program supported: IMF’s US$12 billion Extended Fund Facility.
- Status: "The program has progressed well and the final review is planned for the coming months."
Key economic findings reported
- Growth: "The economy continues to grow robustly."
- Unemployment: "Unemployment is at its lowest level since 2011."
- Reserves: "Foreign exchange reserves are at comfortable levels."
- Public debt: "Public debt is on a downward trajectory supported by growth-friendly consolidation efforts."
Structural reforms and social protection
- Policy emphasis: "We agreed on the importance of continuing with the authorities’ structural reform agenda, which aims to support inclusive growth and address constraints to private sector development."
- Expected outcomes: "These reforms will help achieve more sustainable, inclusive, and private-sector led growth, which will create jobs for Egypt’s young population."
- Social protection: "It is also important to ensure that adequate resources are available for social protection."
IMF commitment
- Reaffirmation: "I reiterated the Fund’s commitment to support Egypt and its people."
Press Release No. 19/108 — April 9, 2019.