LIMA (Sputnik) — Egypt’s economy will require considerable external funding in the next few years, and the International Monetary Fund (IMF) stands ready to provide any help needed, IMF's Middle East and Central Asia Department Director Masood Ahmed said at the annual IMF, World Bank meeting on Thursday.
“What is very clear is that for the next few years, the Egyptian economy will need substantial external financing. And it will need substantial external financing both for projects that are needed in terms of ensuring that those development projects take place but also for supporting the overall needs of the budget and of building up the external reserve positions,” Ahmed said.
The director added that the IMF position is to provide support to Egypt “in any way the Egyptian authorities think is most useful.”
“We have a very good dialogue already underway now on technical issues, on tax policy, discussions with the authorities. And when they are here, I'm looking forward to continuing those discussions with them on those technical issues,” Ahmed said.
In April, IMF chief Christine Lagarde praised the government's efforts to achieve economic growth and stability in a letter to Egyptian President Abdel Fattah Sisi following the Egypt's Economic Development Conference.
During the conference, Cairo managed to agree upon deals worth a total of $60 billion, according to Egyptian Prime Minister Ibrahim Mahlab. Among the countries that pledged to donate billions of dollars in aid and investment were Saudi Arabia, the United Arab Emirates, Oman and Kuwait.
Egypt’s economic growth was undermined by four years of political turmoil after the 2011 Arab Spring uprising against long-standing Egyptian leader Hosni Mubarak.
