CAIRO, May 18 (MENA) - Prime Minister Mostafa Madbouli has emphasized the state's commitment to continuing along the path of economic reform, pointing out to the country's appreciation for its partnership with the International Monetary Fund (IMF) over the past years through several economic reform programs.

The programs were implemented during a period marked by numerous global challenges that significantly affected the economy, in addition to domestic challenges that were addressed in cooperation and coordination with the IMF, Madbouli said.

The prime minister made the remarks following an extensive meeting with IMF Deputy Managing Director Nigel Clarke at the government headquarters in the New Administrative Capital on Sunday.

The meeting took place on the sidelines of the IMF delegation's ongoing visit to Egypt for consultations on the fifth review of the economic reform program being implemented by the Egyptian government and the Central Bank of Egypt (CBE) in cooperation with the IMF.

The meeting was attended by CBE Governor Hassan Abdullah, Minister of Planning, Economic Development and International Cooperation Rania el Mashat, Minister of Finance Ahmed Kouchouk, as well as Mohamed Maait, Executive Director, Member of the Board of Executive Directors, and Representative of the Arab Group and Maldives at the IMF.

Madbouli pointed out that the current national economic reform program, developed by the government and supported by the IMF, is a tangible model of success.

The program is being implemented steadily through introducing a flexible exchange rate system, increasing foreign currency reserves, proceeding with strenuous efforts to achieve fiscal discipline, and working to reduce the debt-to-GDP ratio, the prime minister said.

He added that the Egyptian economy has proven its resilience and ability to absorb major external shocks experienced by Egypt as well as by many countries worldwide.

This was confirmed by the IMF’s assessment that Egypt is moving steadily along the path of economic reform, he pointed out.

This has resulted in positive macroeconomic indicators, with real growth rate reaching about 3.9% in the first half of the current fiscal year—a significant and positive sign, Madbouli said.

Private sector investments also increased by 80%, and foreign direct investment rose by around 17% between July and December 2024, he added.

Madbouli pointed out that non-oil exports grew by about 33% in the first nine months of the year.

These indicators have contributed to strong growth in productive sectors such as industry, communications and information technology, tourism, and other vital sectors, he noted.

This has also strengthened investor confidence in the Egyptian economy, the prime minister said.

In addition, the unemployment rate has fallen below 7%, the lowest in Egypt’s history, he added. (MENA)

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