Egyptian President Abdel Fattah El-Sisi has met with Christine Lagarde, managing director of the International Monetary Fund (IMF), in Washington to discuss progress under Egypt’s economic reform programme.
The North African nation’s reform programme, backed by the IMF’s three-year, $12 billion extended fund facility signed in November 2016, is supporting the country’s economy and slashed unemployment rate to its lowest level since 2011, Lagarde said in a statement.
The economic programme has also maintained Egypt’s foreign exchange reserves at stable levels and cut the state’s public debt, she added.
The IMF is set to release its final review on the reform programme within the coming months, Lagarde noted.
“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,” she said.
The IMF’s managing director stressed that the reform programme would help Egypt achieve sustainable and inclusive growth led by the private sector, which will consequently offer jobs for Egyptian youth.
“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,” she highlighted.
In February, Egyptian finance minister Mohamed Maait stated that the IMF would conduct the final review of the $12 billion loan programme provided to Egypt in June.
In January, Lagarde stated that she would recommend the approval of the fourth review of Egypt’s $12 billion loan programme.