Egypt's balanced monetary policy, flexible exchange rate boost resilience: IMF's Clarke
Nigel Clarke, Deputy Managing Director of the International Monetary Fund (IMF), stated that the Central Bank of Egypt's (CBE) balanced monetary policy and adoption of a flexible exchange rate have enhanced the Egyptian economy's ability to withstand external fluctuations.
His remarks followed a Monday meeting with Hassan Abdalla, Governor of the Central Bank of Egypt, where they discussed ways to support and strengthen cooperation and monitor developments in Egypt's economic reform programme.
Clarke affirmed in statements after the meeting that the discussions 'represented an important opportunity to reaffirm the strength and solidity of the partnership between the International Monetary Fund and Egypt.'
In a post on the X platform, he added, 'We discussed ways to enhance the resilience of the Egyptian economy in the face of external shocks, and we stressed the importance of continuing to implement policies that promote economic stability.'
The IMF Deputy Managing Director indicated that 'the Central Bank of Egypt's adoption of a flexible exchange rate system, along with pursuing a balanced monetary policy, has had a direct positive impact on strengthening the Egyptian economy's ability to cope with global fluctuations, curb inflation, and increase remittances from Egyptians working abroad, reflecting the state's commitment to effective and sustainable economic reforms.' He also noted that Egypt has made 'notable progress' on inflation and remittances from Egyptians abroad.
The meeting included a comprehensive review of positive developments in macroeconomic indicators, against the backdrop of the state's efforts within the national economic reform programme, which receives technical and financial support from the IMF.
Discussions also touched upon measures taken to stimulate investment and increase foreign currency inflows, particularly through remittances from Egyptians working abroad, alongside ongoing coordination between the central bank and the government in addressing inflationary pressures and supporting a downward trend in prices.
The visit of the IMF Deputy Managing Director to Egypt comes in the context of continuous follow-up on the implementation of joint cooperation programmes and to affirm the Fund's commitment to supporting the Egyptian state's efforts towards achieving comprehensive and sustainable economic growth.
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