Press Release No. 12/127

Press Release: Statement by an IMF Mission to Egypt

April 10, 2012

A staff mission from the International Monetary Fund (IMF) visited Cairo from March 25 to April 10 to continue discussions on possible financial support requested by the Egyptian authorities for their economic program. At the conclusion of the visit, the mission issued the following statement:

“The IMF team held productive discussions with the Egyptian authorities, and met with members of the budget and planning, and economic affairs committees of the People’s Assembly. The mission discussed the government’s economic program, the economic situation and prospects, and the role the IMF can play in promoting the recovery of Egypt’s economy.

“The mission made good progress in its assessment of the policies embodied in the authorities’ economic program, which appropriately aims at maintaining macroeconomic stability during the ongoing transition, while promoting economic growth and protecting vulnerable households.

“In the discussions with a wide spectrum of political parties in the People’s Assembly, there was a shared understanding on the need to address short-term challenges facing the economy and to promote reforms that can help achieve higher and more inclusive growth going forward. The mission reaffirms that broad-based support for a national economic program is essential to bolster confidence and ensure its successful implementation in the period following the current political transition.

“The IMF mission will remain in close contact with the authorities in the coming weeks as they finalize remaining details of their economic program, including the 2012/13 budget, and mobilize the required political support for this program. A financial arrangement to support Egypt’s economic program will be presented to the IMF Executive Board once this work is completed, and external financing from bilateral donors and other international institutions is confirmed.”