Egypt had taken good steps to support the economy during the coronavirus crisis, Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, said.
Georgieva praised, in a statement in a TV interview on Saturday evening, Egypt’s expansion in social protection programs and the provision of credit to companies.
She also praised the efforts of the Central Bank of Egypt (CBE) in supporting various sectors, as well as the role of the financial authorities in strengthening the systems of bankruptcy protection and protecting jobs.
IMF’s Managing Director emphasized the importance of continuing structural reforms, stressing that it is the reforms that have made the Egyptian economy stronger in facing the crisis caused by “Corona”, noting the importance of continuing to support the economy until the passage of the crisis.
Georgieva emphasized that the fund would continue to work closely with the government.
She noted the harmony of the financial authorities in Egypt with the monetary authorities, which worked to ensure that the sectors most affected by the pandemic were protected from bankruptcy and job loss, stressing the need for this harmony to continue beyond the pandemic.
Managing Director of the IMF provided pieces of advice to the Egyptian government during the coming period, the first of which is to maintain the support provided during the crisis while setting its priorities, noting that the IMF is working with the Egyptian government to reach a reduction of the budget deficit while continuing economic reform.
The second advice is that the Egyptian government should search for ways to make the economy more dynamic while providing competitive conditions for all sectors.
She emphasized the continuation of the partnership between the Fund and the government to make the Egyptian economy more dynamic and able to withstand shocks.
Georgieva praised Egypt’s expansion in social protection programs and the provision of credit to companies.
She also praised the efforts of the Central Bank of Egypt (CBE) in supporting various sectors, as well as the role of the financial authorities in strengthening the systems of bankruptcy protection and protecting jobs
IMF’s Managing Director emphasized the importance of continuing structural reforms, stressing that it is the reforms that have made the Egyptian economy stronger in facing the crisis caused by “Corona”, noting the importance of continuing to support the economy until the passage of the crisis.
Georgieva emphasized that the fund would continue to work closely with the government.
