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IMF Satisfied With Egypt's Economic Conference Results, Ready to Help Cairo

© REUTERS / Yuri GripasInternational Monetary Fund (IMF) Managing Director Christine Lagarde
International Monetary Fund (IMF) Managing Director Christine Lagarde - Sputnik International
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IMF chief Christine Lagarde reportedly expressed readiness to provide IMF assistance to Egypt.

MOSCOW (Sputnik) — International Monetary Fund (IMF) chief Christine Lagarde lauded the outcomes of the Egypt's Economic Development Conference and expressed readiness to provide IMF assistance to the country, English-language news portal Ahram Online reported Saturday.

In a letter sent to Egyptian President Abdel Fattah Sisi, Lagard praised the government's efforts to achieve economic growth and stability, in particular by clinching investment deals, construction and engineering loans and contracts during the summit, Ahram Online said Saturday.

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"Egypt has the capabilities to achieve the aspirations of its people in a comprehensive strong development process," Lagarde was quoted as saying in the letter, obtained by Ahram Online.

The three-day international economic conference kicked off on March 13 in the country's resort city Sharm El-Sheikh with the aim of bolstering Egypt's economy by drawing foreign investors.

Cairo managed to agree upon deals worth a total of $60 billion during the conference, Egyptian Prime Minister Ibrahim Mahlab said at the closing ceremony.

Among the countries that pledged to donate billions of dollars in aid and investment were Saudi Arabia, the United Arab Emirates (UAE), Oman and Kuwait.

Egypt needs foreign aid since four years of political turmoil after the 2011 Arab Spring uprising against long-standing Egyptian leader Hosni Mubarak undermined the country's poor economic growth.

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