Egypt made progress on its economic reforms: IMF Managing Director

What are you hoping for from your visit to Egypt?

Visiting Egypt is always a great learning experience and a chance to engage on top-of-mind issues for the country, the region, and the world. Last time I had the pleasure to come here, it was to participate in the climate discussions during COP27 in 2022.

But I return at a difficult moment for the country and the region more broadly. Conflicts in the region are causing an immense humanitarian toll and severe damage to infrastructure. Their impact is felt across many countries, weighing heavily—on the people and the economy. My heart goes out to all those who are suffering the dire consequences of the fighting.

The focus of my trip is to address the economic challenges facing Egypt and the rest of the region, as well as to discuss ways to unlock Egypt’s tremendous potential. I also hope to hear views on how the IMF can continue to serve and support Egypt. We know that our members’ needs are evolving in a rapidly changing world, and we are continuously adapting to meet those needs.

As you know, the IMF has enhanced support for Egypt in the last few years in light of the multiple shocks Egypt has gone through, including the regional conflict. In March, the current program was augmented from $3 billion to $8 billion to help Egypt’s economy stabilize and get on a path towards resilience and growth.