Mostafa Madbouly, the Prime Minister of Egypt, met on the sidelines of the “World Government Summit 2024” in Dubai with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), and her accompanying delegation.
The meeting was attended by Hassan Abdullah, the Governor of the Central Bank, Dr. Hala El-Said, the Minister of Planning and Economic Development, Dr. Rania Al-Mashat, the Minister of International Cooperation, Dr. Mohamed Maait, the Minister of Finance, and Dr. Mahmoud Mohieldin, the Executive Director at the IMF.
At the beginning of the meeting, the Prime Minister expressed his appreciation for the ongoing cooperation between the Egyptian government and the IMF, looking forward to welcoming the IMF Managing Director in Egypt soon. He pointed out that Egypt continues to provide the necessary humanitarian aid to the Palestinian brothers in Gaza, with a total of 130,000 tons of aid delivered, including 100,000 tons contributed solely by Egypt.
He mentioned that the Egyptian government continues its comprehensive economic reform efforts, aiming to reduce inflation rates and the debt-to-GDP ratio, alongside ongoing support for the private sector.
Madbouly also highlighted the government’s continued implementation of social protection programs, citing the social package launched by President Abdel Fattah El-Sisi last week, which included a 50% increase in the minimum wage for employees and an increase in pension values. He also referred to the “Decent Life” program as one of the most significant social initiatives aimed at improving the living standards of Egyptian citizens in rural areas across the country.
The Prime Minister discussed regional developments and their impact on Egypt, which hosts about 9 million non-Egyptian guests from other countries.
Focusing on the deteriorating humanitarian situation in the Gaza Strip, Madbouly noted Egypt’s ongoing efforts at all levels to achieve a ceasefire and find a permanent solution to the crisis through serious negotiations between the parties for peace and the implementation of the two-state solution according to internationally agreed references.
Mohamed Al-Homsani, the official spokesperson for the Prime Minister’s Office, mentioned that the meeting discussed continuing consultations with IMF officials regarding the second and third reviews of the economic program supported by the “Extended Fund Facility” agreement.
Georgieva acknowledged the impact of regional developments on Egypt, especially the war in Gaza and threats to Red Sea navigation security. She affirmed the IMF’s support for the government in economic reform and ensuring the implementation of social policies aimed at alleviating the burdens on Egyptian citizens, particularly those with limited incomes.
The Prime Minister concluded the meeting by expressing his anticipation to complete the consultations on the economic reform program reviews in the near future and to continue cooperation between both sides in this regard.
