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IMF pledges to support Egypt’s economic transformation

The Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, has said that the Fund is ready to support Egypt’s economic transformation to boost growth and development.

“The IMF has maintained a close dialogue on economic policy with the Egyptian authorities since the start of the transition and provided considerable technical assistance upon request from the government,” Lagarde said in a statement issued at the end of her visit to Egypt on Wednesday.

She said the Egyptian authorities had indicated that the north African country would like the IMF to support its economic programme financially to help it recover and to lay the foundation for strong growth that benefited all.

“We are responding quickly to this request. A technical team will be arriving in Cairo
in early September to work with the authorities on their programme and discuss
possible forms of financial support from the IMF,” Ms. Lagarde said.

The IMF chief said that Egypt faced considerable challenges, including the need to restart growth and reduce budget and balance of payments deficits.

“Getting the country’s economy back on track and raising the living standards for all will not be an easy task,” she noted.

According to her the Egyptian people had legitimate expectations for a better life and greater social justice, saying “We at the IMF, stand ready to help.”

Ms Lagarde said: “It has been a great pleasure to be back in Egypt, for the first time as Managing Director of the IMF.

“I was pleased to see first hand how the country is managing the transition and to meet with President Mohamad Morsi, Prime Minister Hesham Kandil, Finance Minister Mumtaz Said, and the rest of the economic team.

“I congratulated President Morsi on his election and thanked him and Prime Minister Kandil for their kind invitation. I took note of their strategy and ambition for Egypt’s economic and social future, and I assured them of our continued commitment to support Egypt and its people during this historic period of transition.”

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