Press Release No. 11/211

Press Release: Statement by Ms. Ratna Sahay, Deputy Director of the Middle East and Central Asia Department and head of the IMF mission in Egypt

June 2, 2011

“The International Monetary Fund (IMF) welcomes the Egyptian cabinet’s approval of the FY 2011/2012 draft budget. We share the draft budget’s overarching goal aimed at promoting social justice.  The measures go in the right direction of supporting economic recovery, generating jobs and assisting low income households, while maintaining macroeconomic stability. Meanwhile, discussions between the IMF mission currently in Cairo and the Egyptian authorities on the government's home-grown economic plan that can be supported by IMF financing are progressing well.”