ArabFinance: The International Monetary Fund (IMF) is keen on building a program with Egypt that caters to the vulnerable and is keen on the continuous provision of social protection, the fund’s Managing Director Kristalina Georgieva said on April 20st during its briefing on the global policy agenda.

Egypt is “taking very seriously” the need for financial stability and the maintenance of economic reforms, Georgieva noted.

The conditions of the Egyptian economy are worsening on the back of inflation of fuel and food prices triggered by the Russian-Ukrainian conflict, she added.

Georgieva referred to the decline in Egypt’s international reserves for the protection of its currency.

It is worth mentioning that the IMF upgraded its forecasts for Egypt’s real gross domestic product (GDP) growth to 5.9% for fiscal year (FY) 2021/2022, compared to its previous projection of 5.6%. However, Egypt is targeting a GDP growth of 5.7% for FY 2021/2022.

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