The meeting was attended by Hassan Abdullah, Governor of the Central Bank; Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation; Ahmed Kouchouk, Minister of Finance; and Dr. Mohamed Maait, Executive Director and Member of the Board of Executive Directors and Representative of the Arab Group and the Maldives at the IMF.
Dr.
Madbouly began the meeting by welcoming the Deputy Managing Director of the IMF
and his accompanying delegation, wishing him success in his position in light
of the very important economic developments the world is witnessing.
He expressed his appreciation for the fruitful cooperation between the government and the IMF and the significant support provided by the Fund to implement the Egyptian economic reform program adopted by the Egyptian government. He stressed that the political leadership appreciates the existing cooperation between the two sides and also expressed his aspiration for the successful completion of the fifth review of the economic reform program.
Madbouly reviewed the positive results of various economic indicators, stressing that the government is on the right track with regard to inflation and unemployment indicators, and controlling the size of public investments from the total investment portfolio while increasing the private sector's contribution to economic activity. However, despite this, much remains to be accomplished in the coming period. He also reviewed the achievements of the government's IPO program, stressing that the Egyptian government is committed to continuing work on this important program, which will primarily benefit the Egyptian economy in the short, medium, and long terms, in addition to providing greater scope for the private sector in various economic activities.
The Prime Minister stated that over the past three or four years, the government has successfully executed 21 deals within the government's IPO program, worth $6 billion. He noted in this regard the ongoing cooperation between Egypt and the International Finance Corporation, which serves as a strategic advisor to the government on the IPO program.
Clarke thanked Madbouly and Egyptian officials for the warm welcome he and his accompanying delegation received, expressing his great appreciation for the efforts made by the Egyptian government to implement the economic reform program, which is a purely Egyptian program. He affirmed the IMF's commitment to supporting the Egyptian economy, particularly as it is a highly promising economy with great potential that will enable it to reach greater heights.
Kouchouk affirmed that the Egyptian economy is developing for the better with positive and ambitious indicators, and that the strong financial performance results over the past ten months encourage the government to continue the path of economic reform within the framework of a comprehensive and integrated national program.
He stated that the government achieved the highest primary surplus during the period from July to April, at 3.1% of GDP. He noted that we are adopting an advanced approach to managing fiscal policies to boost economic activity with more stimulating and effective initiatives. He added that efforts to empower the private sector have begun to bear fruit, with the sector accounting for 60% of total investments during the first half of the current fiscal year. He explained that the government expect a strong return from the positive momentum of the tax relief package in stimulating efforts to expand the tax base, as tax reform is based on building trust with taxpayers within a framework of partnership and strong support for the business community.