CAIRO, Nov 3 (KUNA) -- Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva projected on Sunday that Egypt's GDP growth will reach 4.2 percent during this financial year, compared with 2.4 percent last FY.
Georgieva said during a joint press conference with Egyptian Prime Minister Mostafa Madbouly that Egypt is generating more job opportunities through the private sector, stressing that the IMF aims to support the prosperity of this sector to ensure sufficient employment in the labour market.
Georgieva noted that Egypt's inflation rate peaked at 37 percent in 2023, has now declined to between 25-26 percent, and the goal is to further reduce inflation to 16-17 percent by the end of the FY.
The IMF emphasized its dedication to promoting stability and financial development in Egypt, noting its decision last April to increase the loan program from three billion US dollars to eight billion dollars.
Egyptian Prime Minister Mostafa Madbouly expressed appreciation for the partnership with the IMF, highlighting its support for Egypt's plans and national projects aimed at financial reform.
He urged all governments to manage the unprecedented challenges facing the world to achieve success and economic growth. (end) asm.ahs