IMF’s Georgieva welcomes Egypt’s swift response to Russia-Ukraine war economic spillovers

International Monetary Fund’s (IMF) Managing Director Kristalina Georgieva has welcomed Egypt’s swift response to “head off the balance of payment shock and impact of rising food prices” caused by Russia’s war in Ukraine.

During her meeting with Egyptian Minister of Finance Mohamed Maait on the sidelines of the World Government Summit in Dubai, Georgieva said the fund would “support a programme that helps to buttress reserves, protect the vulnerable, and strengthen private sector-led growth.”

“The IMF will remain supportive to Egypt to continue its economic reform programme. We are in talks with the Egyptian authorities for a new programme for the country that aims at support the structural reforms Egypt is executing,” the IMF official added.

Georgieva also hailed at her opening remarks at the summit Egypt’s steps for investing in modern irrigation techniques, education, and healthcare, citing these efforts as “positive examples of prioritizing high-value, ‘no-regrets’ risk management measures justified under all plausible future climate scenarios.”

Meanwhile, Maait told Georgieva that Egypt’s government is committed to achieving financial discipline, keeping the sustainability of the country’s economic indices, and maintaining the positive real GDP growth.