STORY: Egypt, IMF discuss economic reform amid regional crises
SHOOTING TIME: Nov. 3, 2024
DATELINE: Nov. 4, 2024
LENGTH: 00:02:05
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. various of the Egyptian president meeting with the IMF chief
2. various of the press conference held by the Egyptian prime minister and the IMF chief
3. SOUNDBITE 1 (Arabic): MOSTAFA MADBOULY, Egyptian Prime Minister
4. SOUNDBITE 2 (English): KRISTALINA GEORGIEVA, Managing Director of the International Monetary Fund

STORYLINE:

Egyptian President Abdel-Fattah al-Sisi met on Sunday with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva in Cairo, where they discussed the country's economic reform program amid the ongoing regional crises.
   
During the talks, Sisi expressed Egypt's aspiration to continue cooperation with the IMF in implementing the economic reform program to enhance the country's economic stability and reduce inflation, the Egyptian presidency said in a statement.
   
Sisi stressed that Egypt's priority is to combat inflation, attract investments, and empower the private sector to increase employment and growth rates, according to the statement.
   
For her part, the IMF chief expressed "full understanding" of the major challenges facing Egypt in light of regional and international developments, noting the Fund's endeavor, in partnership with the Egyptian government, to reach the best reform paths for the North African country.
  
Georgieva voiced appreciation for Egypt's efforts to implement the reform program while maintaining social protection for the most vulnerable citizens, praising the progress of the country's macroeconomic indicators, as reflected in the positive outlook of international credit rating institutions for Egypt's economy.
   
In a joint press conference with Georgieva following the meeting, Egyptian Prime Minister Mostafa Madbouly said that the IMF would start on Tuesday its fourth review of the latest 46-month IMF loan program that was approved in 2022 and expanded to 8 billion U.S. dollars this year.

SOUNDBITE 1 (Arabic): MOSTAFA MADBOULY, Egyptian Prime Minister
"The fourth review of the program will start the day after tomorrow (Tuesday), and the work team from the fund will begin its work from the day after tomorrow, with all colleagues from the central bank and the relevant ministries. Once again, I would like to express my welcome and happiness for the presence of Kristalina in the Cabinet of Ministers in the New Administrative Capital. Welcome to Egypt."

SOUNDBITE 2 (English): KRISTALINA GEORGIEVA, Managing Director of the International Monetary Fund
"I want to also tell people from here, from Cairo, how much we at the IMF value our partnership, and how strong our support for Egypt is, for Egypt's stability and economic development. We have demonstrated that support in April when we have taken the decision to increase the size of our program from three to eight billion dollars, recognizing how conditions have become more difficult for no fault of your own but because of the conflicts in your neighborhood."
   
Georgieva expected Egypt's growth rate to rise from the current 2.4 percent to 4.2 percent in the 2025 fiscal year and the inflation rate to decline to 16-17 percent.
   
In March, the IMF approved additional 5-billion-dollar funding to Egypt, besides the 3-billion-dollar, 46-month funding approved in late 2022 to support the country's reforms.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)