Finance Minister Mohamed Maait said that Egypt has chosen the economic reform path to ensure the stability of macroeconomic indicators; GDP Deflator, Consumer Price Index, Producer Price Index and National Income.

During a meeting on Monday with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva on the sidelines of his participation in the World Government Summit in Dubai, the minister said that Egypt opted for the path of economic reform in a way that contributes to laying the foundations for fiscal discipline (A balance between the Government expenditure and revenue in an economy) and reducing deficit and debt rates with the view to ensuring the stability of macroeconomic indicators.

Egypt also works on enhancing the ability to avoid serious risks of global crises, ensuring a fair distribution of the fruits of development and achieving the sustainable growth rates (SGRs), the minister added, according to a press release here.

The meeting falls within the framework of mutual coordination and cooperation between the two sides to shore up Egypt’s economy in a way that contributes to achieving its financial and economic goals and developing a greater ability to meet the development needs of citizens, particularly in light of the exceptional global economic conditions, topped by the repercussions of the COVID-19 pandemic, the negative impacts of the war in Europe and the burdens of the adaptation to a variable and changing climate.

All these unprecedented challenges posed a threat to the food security of countries as a result of the hike in fuel and food prices that put intense pressure on the budgets of all world countries; including developing ones, and emerging economies in light of the uncertainty state prevailing in global markets.

The two sides, during the meeting, agreed on continuing coordination and consultations on means of facing global challenges during the Egyptian Finance Minister’s participation in the G20 Finance and Central Bank Deputies Meeting in India.

For her part, the IMF’s Managing Director asserted support for Egypt to complete the path of economic reform, which is based on balanced and rational policies pursued by the Egyptian government on the financial and monetary levels.

The reform measures are inevitable to contain the consequences of the global economic crisis and to shore up plans to face financial risks, Georgieva said.

Source: State Information Service Egypt