RIYADH: Managing director Kristalina Georgieva stated that the IMF will continue to prioritise assisting Egypt’s economic reforms in spite of outside pressures. The official reiterated her organization’s position while speaking on the fringes of the AlUla Conference for Emerging Market Economies, stressing that political issues are outside the purview of its mission.
This follows Egypt’s current 46-month IMF loan program, which was first authorised in 2022 and increased to $8 billion in 2024 amidst an economic crisis characterised by sharp shortages of foreign currency and skyrocketing inflation. Georgieva admitted in an interview with Asharq that Egypt is facing economic challenges that are made worse by regional instability, such as current geopolitical tensions.
Georgieva was adamant when asked if the IMF will continue to support the nation in spite of outside demands. “We focus on the economy and examine a nation’s macro situation. Some political issues are outside of our purview. To remark on it, we are not the most qualified institution. Therefore, I can attest that this is and will continue to be a top priority for the fund in order to assist the Egyptian economy in its reforming route,” she stated.
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