Ms. Christine Lagarde, Managing Director of the International
Monetary Fund (IMF) made the following statement at the conclusion of
her visit to Cairo, Egypt, where she met with the authorities:
“It has been a great pleasure to be back in Egypt, for the first time
as Managing Director of the IMF. I was pleased to see firsthand how the
country is managing the transition and to meet with President Mohamad
Morsi, Prime Minister Hesham Kandil, Finance Minister Mumtaz Said, and
the rest of the economic team.
“I congratulated President Morsi on his election and thanked him and
Prime Minister Kandil for their kind invitation. I took note of their
strategy and ambition for Egypt’s economic and social future, and I
assured them of our continued commitment to support Egypt and its people
during this historic period of transition. The IMF will accompany Egypt
as it undertakes this challenging journey.
“The IMF has maintained a close dialogue on economic policy with the
Egyptian authorities since the start of the transition and provided
considerable technical assistance upon request from the government.
“The authorities have indicated that Egypt would like the IMF to
support Egypt’s economic program financially to help the country recover
and to lay the foundation for strong growth that benefits all. We are
responding quickly to this request. A technical team will be arriving in
Cairo in the early September to work with the authorities on their
program and discuss possible forms of financial support from the IMF.
“Egypt faces considerable challenges, including the need to restart
growth and reduce budget and balance of payments deficits. Getting the
country’s economy back on track and raising the living standards for all
will not be an easy task. The Egyptian people have legitimate
expectations for a better life and greater social justice. We at the
IMF, stand ready to help.”
