In Kenya, President Sisi discusses the repercussions of the Iranian crisis with the IMF.

Special Report: Nairobi

President Abdel Fattah al-Sisi met today with Kristalina Georgieva Executive Director The International Monetary Fund, on the sidelines of the Africa-France Summit held in the Kenyan capital, Nairobi.

President Sisi welcomes the completion of the fifth and sixth reviews

The official spokesman for the Presidency of the Republic stated that the President expressed Egypt’s great appreciation for the fruitful cooperation with the International Monetary Fund in implementing the economic reform program, which includes broad structural goals and reforms aimed at achieving comprehensive and sustainable development.

The President welcomed the successful completion of the fifth and sixth reviews and their approval by the IMF Executive Board last February, stressing Egypt’s commitment to continuing to complete economic reforms despite the current international and regional challenges and crises.

Ambassador Mohamed El Shenawy, the official spokesperson, explained that Georgieva praised the strong political will and serious commitment of Egypt to continue its economic reform efforts to enhance macroeconomic stability, achieve fiscal discipline, and improve the business environment, stressing the Fund’s keenness to continue close cooperation with the Egyptian government to support these efforts.

The official spokesperson added that the President discussed with the Executive Director the negative economic repercussions resulting from the Iranian crisis and the state of uncertainty in the Middle East region, and its impact on the economies of Egypt and developing countries, especially with regard to energy security and food security in countries dependent on importing petroleum products and strategic goods.

The President stressed the importance of international financing institutions and development partners playing an active role in providing the necessary support to enhance the resilience and economic stability of developing and least developed countries in the face of current challenges. He pointed to the proactive measures implemented by Egypt to maintain economic stability and fiscal discipline, foremost among them maintaining the flexibility of the exchange rate as a fundamental pillar of monetary policy and a mechanism for absorbing shocks.

For her part, the Managing Director of the International Monetary Fund pointed to the measures the Fund is implementing to help member countries deal with current challenges.