Finance min.: IMF-backed economic program aims to enable private sector

Finance Minister Mohamed Maait said the IMF-backed comprehensive economic reform program focuses on enabling the private sector and increasing its participation in development projects, which in turn contributes to stimulating the productive, industrial and export activities to achieve the inclusive and sustainable development in Egypt.

Maait’s remarks came during his meeting with Under Secretary of the US Treasury for International Affairs Jay Shambaugh, on the sidelines of the 2024 Spring Meetings of the International Monetary Fund and the World Bank Group in Washington, according to a statement released by the Finance Ministry.

The minister said the Egyptian government will continue its measures to improve the standard of living of citizens and adopt more protection programs to deal with the negative effects of the recent inflationary wave.

The recent economic reforms introduced by the Egyptian government are aimed at restoring the economic stability, achieving growth and creating further jobs, the minister said.

He added that investment flows in the coming period are expected to mitigate the funding pressures in the short and medium terms.

The minister stated the Egyptian government is committed to implementing an ambitious strategy to put the budget deficit and debt-to-GDP on a sustainable downward path, especially as interest rates decline.

Egyptian Gazette