President Abdel Fattah el-Sisi received a phone call from Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF).

In a statement, Presidential Spokesperson Counselor Ahmed Fahmy confirmed that Georgieva expressed the IMF's commitment to continue enhancing consultation and coordination with Egypt, highlighting their constructive partnership.

She acknowledged the intensive governmental efforts within the framework of the economic reform program, praising the achieved economic and structural targets, as well as the resilience demonstrated by the Egyptian economy in the face of consecutive global crises.

Keenness to boost co-op with IMF:

On his part, President Sisi emphasized the importance of ongoing consultation with the Managing Director of the IMF, reflecting Egypt's keenness to advance cooperation between the country and the Fund.

This comes in line with Egypt's strategic approach to achieve sustainable development across all economic and social aspects, including attracting more investments and encouraging the private sector. Additionally, the partnership with the IMF plays a vital role in providing a favorable environment for all investors and global financial markets in terms of Egypt's economic performance.

Amidst the global challenges, Egypt has been making significant strides in its economic development journey.

The country has implemented comprehensive economic reforms aimed at improving macroeconomic stability, enhancing the business environment, and attracting both domestic and foreign investments.

These efforts have yielded positive results, with notable advancements in various sectors, including energy, infrastructure, tourism, and manufacturing. Egypt's commitment to sustainable growth and resilience has earned international recognition and positioned it as an emerging economic powerhouse in the region.

Sustainable debt alliance:

In earlier news, Minister of Finance Mohamed Maait has introduced the Egyptian initiative for the establishment of a sustainable debt alliance, this initiative aims to unlock financial resources in developing nations for infrastructure investment and foster green and sustainable growth in the post-pandemic era.

It calls upon countries and financial institutions to join forces in an endeavor to bolster international cooperation and establish a unified framework for regulating transactions.

The concept of sustainable debt offers an opportunity to synchronize global endeavors in advancing environmental initiatives, while simultaneously enabling developing countries to expand their fiscal space without disrupting the international financial market.

Furthermore, Egypt's initiative endeavors to alleviate the costs associated with green borrowing, with a particular focus on reducing the financial burden and facilitating access to green financing in African nations.

This initiative seeks to provide adequate liquidity to achieve development objectives and stimulate investments in environmentally friendly projects.

By prioritizing sustainable finance, Egypt aims to drive positive environmental action and pave the way for a greener and more prosperous future.

Ongoing support:

During the sidelines of COP 27 in Sharm El Sheikh, President Sisi had a meeting with Kristalina Georgieva, the Managing Director of the IMF, accompanied by a delegation.

The discussions focused on the cooperation between Egypt and the IMF, particularly in relation to the recent cooperation program agreed upon. This program aims to support economic reforms within the country.

President Sisi warmly welcomed the participation of the IMF's managing director and expressed gratitude for her efforts in creating a favorable investment climate, which in turn presents promising investment opportunities in Egypt.

The president also emphasized the government's commitment to continuing economic and structural reforms, including fiscal and monetary policies, as well as promoting the expanded role of the private sector.

In response, Georgieva affirmed the IMF's ongoing support for Egypt's reform initiatives. She acknowledged the resilience of Egypt's economy, which has demonstrated its ability to withstand and mitigate the impact of significant challenges such as the COVID-19 pandemic and the Russia-Ukraine War.

These global events have had substantial effects on emerging economies, and the IMF recognizes Egypt's efforts in navigating these circumstances.