IMF Reaffirms Support for Egypt’s Economic Reforms
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Hashim Sheikh
- . February 17, 2025
- . Update: February 17, 2025 1:48 pm
During the AlUla Conference Managing Director Kristalina Georgieva affirmed that the IMF remains committed to assisting Egypt’s economic reforms. During the AlUla occasion Georgieva explained that IMF evaluates financial aspects exclusively not political concerns.
The IMF maintains its economic support for Egypt because the country faces regular inflation problems and runs low on foreign money. Since 2020 the IMF has strengthened its relationship with Egypt by extending its original 46-month loan to $8 billion until 2024. According to Georgieva, Egypt has shown progress by adopting free market rate changes and starting private sector transformations. The public finance damage from the Suez Canal operations forces Egypt to face budget problems because of regional turmoil.
The IMF began discussions with Syria for the first time since 2009 in addition to her remarks during the same forum. The organization starts meetings with team members to improve data collection and government finance functions especially within Syria’s financial authority.
The IMF and Saudi Arabia team up for the AlUla Conference which gathers 70 central bank heads and finance ministers with international organization reps to talk about emerging market issues. Emerging markets use the two-day meeting as their first platform to work together and explore economic and development matters.
