Press Release No. 22/85

International Monetary Fund Statement on Egypt

March 23, 2022

Washington, DC: Ms. Celine Allard, mission chief for Egypt issued the following statement:

“The rapidly changing global environment and spillovers related to the war in Ukraine are posing important challenges for countries around the world, including Egypt.

“In that context, the Egyptian authorities have requested the International Monetary Fund’s (IMF) support to implement their comprehensive economic program.

“A set of macroeconomic and structural policy measures would mitigate the impact of this shock on the Egyptian economy, protect the vulnerable, and preserve Egypt’s resilience and medium-term growth prospects . To this end, the authorities’ recent actions to expand targeted social protection and implement exchange rate flexibility are welcome steps. Continued exchange rate flexibility will be essential to absorb external shocks and safeguard financial buffers during this uncertain time . Prudent fiscal and monetary policies will also be needed to preserve macroeconomic stability.

“Staff is working closely with the authorities to prepare for program discussions with a view to supporting our shared goals of economic stability and sustainable, job-rich, and inclusive medium-term growth for Egypt.”