Egypt’s Sisi: Combating inflation, price hikes Egypt’s top priority

President Abdel Fattah El-Sisi reaffirmed the state’s commitment to alleviating burdens on citizens by tackling inflation and rising prices.

In a meeting on Sunday with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), President El-Sisi emphasised that alleviating the pressures on citizens is the state’s top priority, with a focus on combating inflation and rising prices.

Presidential spokesperson Ambassador Ahmed Fahmy highlighted that the discussions focused on the progress of Egypt’s economic reform programme, implemented in partnership with the IMF. President Sisi conveyed Egypt’s intention to deepen cooperation with the IMF in the coming period, aiming to build on recent economic stability gains and curb inflation.

He also emphasised the importance of recognising the economic pressures Egypt has endured due to recent regional and international unrest, which have negatively impacted foreign currency reserves (FX) and budget revenues.

Furthermore, President Sisi reaffirmed ongoing efforts to attract investment and strengthen private sector participation to stimulate job creation and growth.

Georgieva praised Egypt’s recent economic reforms and acknowledged the government’s efforts to prioritise vulnerable groups. She noted the positive trajectory in Egypt’s macroeconomic indicators, even amid global challenges, leading to an optimistic view from international credit rating agencies, an improved national credit rating, and increased investment flows.

The IMF Managing Director expressed her understanding of the extensive challenges Egypt faces due to current global conditions and reiterated the Fund’s commitment to supporting the Egyptian government.

Georgieva further highlighted the IMF’s goal to identify reform pathways that consider all relevant factors, ensuring the preservation of positive reform impacts on Egypt’s economy. She also concurred on the importance of prioritising inflation control measures and fostering private-sector-led growth and development.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama