Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), cautioned on Thursday, 24 October, that Egypt’s delay in implementing essential economic reforms risks elevating costs and increasing burdens on its citizens. Speaking at a virtual press briefing during the IMF and World Bank’s Annual Meetings, Georgieva emphasized the need for prompt action to stabilize the Egyptian economy. “Delays in necessary actions have raised costs, which ultimately fall upon the people,” Georgieva remarked, noting that while the IMF remains open to adapting Egypt’s reform program to better serve its people, postponing vital measures only heightens their eventual price. “We can’t serve the country well if we ignore the actions needed now,” she added. President Abdel Fattah Al-Sisi addressed the nation on Monday, 21 October, instructing government officials to reconsider the IMF’s economic reform program if it increases public hardship. “If our current agreement with the IMF creates an unbearable strain on the people, it is vital to review it,” he said. Prime Minister Mostafa Madbouly announced on Wednesday, 23 October, that Egypt intends to reassess the timeline of economic reforms previously agreed upon with the IMF. In recent months, Egypt…
IMF Chief Urges Egypt to Accelerate Economic Reforms Amid Strains
October 25, 2024
