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PM says greatly appreciates cooperation with IMF

Prime Minister Moustafa Madbouly greatly appreciated cooperation between Egypt and the International Monetary Fund (IMF), stressing that his government is still working to achieve comprehensive economic reform.

Madbouly, in a meeting Monday with IMF Managing Director Kristalina Georgieva on the sidelines of the World Government Summit 2024 in Dubai, cited efforts to reduce inflation rates and the percentage of debt to the gross domestic product (GDP).

He also touched upon measures to support the private sector and implement social protection programs.

Madbouly also talked about the impact of regional developments on Egypt, which, he reminded, bears the burden of hosting some nine million “guests” from other countries.

Egypt is also acting with all parties to try to reach a ceasefire in Gaza and achieve peace in the region, the prime minister said, stressing that this can only be reached by implementing the two-state solution in line with agreed international references.

He pointed to efforts exerted by Cairo to secure humanitarian aid needed by the residents of Gaza. So far, some 130,000 tons of aid have been delivered to Gazans, including 100,000 tons from Egypt, the premier made it clear.

The meeting also focused on negotiations between Egypt and the IMF about the second and third reviews of the economic reform program under the Extended Fund Facility (EFF), said Cabinet spokesman Mohamed el Homosani.

Georgieva, for her part, said she understands the repercussions of the regional developments for Egypt, especially the effects of the war in Gaza and the threats to the navigation movement in the Red Sea.

The IMF supports economic reforms and social protection policies conducted by the government of Egypt, she noted.

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