IMF chief: Egyptian economy picks up speed despites COVID-19

International Monetary Fund’s (IMF) managing director Kristalina Georgieva lauded on Tuesday the Egyptian economy as one of the fastest growing in the world.

During a meeting with Egyptian President Abdel Fattah al-Sisi in Paris, Georgieva affirmed that the IMF looks forward to continuing its outstanding cooperation with the North African country, which she described as a success story and a model to be followed.

“Egypt responded swiftly to the crisis – mitigating its impact and maintaining economic stability. We stand by Egypt and continue to support its reform agenda.” Georgieva

She expressed IMF’s keenness to highlight the successes made by Egypt and spotlight its reforms and economic and development achievements, as well as its successful partnership with the Fund as a model to be followed by other countries.

The IMF official explained by praising the resilience and ability of the Egyptian economy to overcome the negative effects of the pandemic as well as the economic and structural targets it has achieved within the framework of the economic reform programme. She referred to the ongoing improvement in Egypt’s overall indicators as well as the implementation of giant national investment projects and the gradual rebound seen by the tourism sector.

“Egypt responded swiftly to the crisis – mitigating its impact and maintaining economic stability. We stand by Egypt and continue to support its reform agenda.” Georgieva said in a tweet following her meeting with the Egyptian president.

Sisi: Egypt and IMF Fruitful Cooperation

President Sisi voiced keenness to continue cooperation with the IMF institution, given what the ongoing partnership represents in terms of providing a positive image of the Egyptian economy to investors and international financial markets.

According to presidential spokesman Bassam Radi, the meeting highlighted the fruitful cooperation between Egypt and the IMF over the past years.

In his talks with Georgieva on the sidelines of his participation at the Summit on Financing African Economies in Paris, President Sisi lauded the great role played by the Egyptian people in the success of the reform efforts. He lauded their awareness of the importance of all measures taken to shore up the national economy and improve Egypt’s credit rating,

The reforms have helped the Egyptian economy to withstand the impact of the coronavirus pandemic and even achieve positive growth despite all challenges, the president added.