Egypt showcases economic reform experience at World Bank and IMF Spring Meetings

Egyptian Finance Minister Mohamed Maait presented his country’s experience in economic reform ahead of the spring meetings of the World Bank Group and the International Monetary Fund in the US capital, Washington, to the praise of the IMF.

Maait said the reform program has made Egypt more resilient to internal and external shocks, with a positive and flexible response to exceptional repercussions.

“Without our success in the elaborate implementation of the program, the situation would have been more complex and difficult,” he said.

The economic reform that Egypt implemented in 2016, and whose harsh consequences Egyptians have endured, has enabled the country to achieve positive growth rates, he added, reaching 9% of GDP in during the first half of the current fiscal year.

International Monetary Fund Director Kristalina Georgieva hailed the Egyptian government’s willingness to continue implementing structural reforms to support its economic and financial stability.

Meanwhile, International Cooperation Minister Rania al-Mashat met with several international institutions and spoke about supporting efforts to boost private sector participation in the development and expansion of green hydrogen projects.

Mashat discussed with the Executive Vice President of the Multilateral Investment Guarantee Agency, Hiroshi Matano, cooperation on climate action in preparation for the COP27 climate conference

She also discussed support policies from international bodies and technical support to investors to increase financing for renewable energy projects and boost investment mechanisms and green bonds.

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