April 9, 2019

Following a meeting with President Abdel Fattah El Sisi in Washington today, Ms. Christine Lagarde, Managing Director of the International Monetary Fund, made the following statement:

“President El Sisi and I discussed progress under Egypt’s economic reform program supported by the IMF’s US$12 billion Extended Fund Facility. The program has progressed well and the final review is planned for the coming months. The economy continues to grow robustly, unemployment is at its lowest level since 2011, foreign exchange reserves are at comfortable levels, and public debt is on a downward trajectory supported by growth-friendly consolidation efforts.

“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. These reforms will help achieve more sustainable, inclusive, and private-sector led growth, which will create jobs for Egypt’s young population. It is also important to ensure that adequate resources are available for social protection. I reiterated the Fund’s commitment to support Egypt and its people.”