07:31 PM
Wednesday 23 March 2022
I wrote – Yasmine Selim:
A statement from the International Monetary Fund said today, Wednesday, that Egypt has requested support from the Fund to implement its comprehensive economic program.
According to Celine Allard, Egypt’s Chief of Mission for the IMF, “The rapidly changing global environment and the fallout associated with the war in Ukraine pose important challenges for countries around the world, including Egypt.
She explained that a set of macroeconomic measures and structural policies would mitigate the impact of this shock on the Egyptian economy, protect the weak, and maintain Egypt’s resilience and growth prospects in the medium term.
To this end, recent measures taken by the authorities to expand targeted social protection and implement exchange rate flexibility are welcome steps, Allard said.
It added that continued exchange rate flexibility will be essential to absorb external shocks and protect fiscal margins during this turbulent time.
Prudent fiscal and monetary policies will also be needed to maintain macroeconomic stability.
She explained that staff are working closely with the Egyptian authorities to prepare for program discussions with the aim of supporting our shared goals of economic stability and sustainable, job-rich and inclusive growth over the medium term for Egypt.
