IMF chief lauds Egypt economic response to coronavirus crisis

The International Monetary Fund (IMF) Managing Director Kristalina Georgieva lauded on Saturday efforts by authorities in Egypt to support national economy and to help mitigate the global economic havoc wrought by coronavirus pandemic crisis.

Expanding in social protection programme coverage and credit provision to companies had helped buffer Egyptian economy from the worst of the economic crisis unleashed by the pandemic, Georgieva told local TV channel in a telephone interview.

The IMF official also praised the Central Bank of Egypt’s efforts and initiatives to support various sectors besides the role of the financial authorities in the country in strengthening the systems of bankruptcy protection and protecting jobs.

She also urged authorities in Egypt to continue structural reforms, which have helped the economy become stronger to survive the coronavirus crisis.

The IMF will continue working closely with the authorities in Egypt, Georgieva added.

In January, IMF raised its growth forecast for Egypt’s economy to 2.8 percent in the current financial year 2020/2021, despite the pandemic. The Washington-based lender’s expectations echoed the World Bank’s forecast that the Egyptian economy would grow 2.7 percent in the 2020/2021 financial year.