(3 Nov 2024)
EGYPT IMF
SOURCE: ASSOCIATED PRESS
RESTRICTION SUMMARY:
LENGTH: 2:10
ASSOCIATED PRESS
Cairo, Egypt – 3 November 2024
1. Wide of press conference held by Egyptian Prime minister Mustafa Madbouly and International Monetary Fund Managing Director Kristalina Georgieva
2. Mid of Madbouly and Georgieva at podium
3. SOUNDBITE (English) Kristalina Georgieva, IMF managing director Kristalina Georgieva:
"Growth is up for fiscal year 2025, we expect 4.2% versus 2.4% in the previous year. Inflation is moving down; it peaked at 37% last year, now it is around 25-26%. But the trend is toward lowering it somewhere around 16-17% by the end of the fiscal year. And this is so important for everybody, but especially for the poor people in Egypt, for the middle class of Egypt."
4. Mid of Madbouly and Georgieva at podium
5. SOUNDBITE (English) Kristalina Georgieva, IMF managing director Kristalina Georgieva:
"Foreign debt is down, and very importantly reserve accumulation is at record level, meaning Egypt now has a strong buffer in a world of more uncertainty and more frequent shocks."
6. Mid of Madbouly and Georgieva at podium
7. SOUNDBITE (English) Kristalina Georgieva, IMF managing director Kristalina Georgieva:
"Reforms are not easy, I would like to recognize the efforts of the government. And recognize the Egyptian people. My message to you is I have full confidence that you will see the benefits of these reforms in a more dynamic, more prosperous Egyptian economy."
8. Madbouly and Georgieva shaking hands and leaving conference room
STORYLINE:
The International Monetary Fund managing director said Sunday that she expects inflation rates in Egypt to decrease from 25% to around 17% by the end of this fiscal year.
Kristalina Georgieva made her remarks during a press conference with Egyptian Prime Minister Mostafa Madbouly.
"Growth is up for fiscal year 2025, we expect 4.2% versus 2.4% in the previous year. Inflation is moving down; it peaked at 37% last year, now it is around 25-26%," she added.
During the press conference, Egyptian prime minister Mustafa Madbouly said that the fourth review of the IMF-supported reform program is scheduled to start on Tuesday.
Egypt has already floated the pound and sharply increased the main interest rate.
Commercial banks are now trading the U.S. currency at more than 48 pounds, up from about 31 pounds.
The measures are meant to combat ballooning inflation and attract foreign investment.
Georgieva expressed her "full confidence" that the benefits of the reforms put in place will lead to a more dynamic and prosperous Egyptian economy.
"Reforms are not easy, I would like to recognize the efforts of the government. And recognize the Egyptian people." Georgieva said.
Earlier in the day, Georgieva met with Egyptian President Abdelfattah el-Sissi to discuss progress on the implementation of Egypt’s economic reform program, according to Presidency spokesman Ambassador Ahmed Fahmy.
The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, the fallout from Russia’s full-scale invasion of Ukraine, and most recently, the Israel-Hamas war in Gaza.
Egyptians have been grappling with a soaring inflation as they navigate rising daily costs that reached another high over the summer that included a previous 10% increase in fuel prices, a hike in subway fares and the local currency sliding against foreign currencies.
Egypt reached a deal with the International Monetary Fund this spring to more than double the size of its bailout to $8 billion.
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