During IMF and WB Spring Meetings, Minister of Finance:
Demonstrates Egypt's Outlook for the Egyptian Economic Reform Program & Discusses with European, American Investors Opportunities of Launching New Projects in Various Fields
Bilateral meetings held between Minister of Finance and the Saudi counterpart to support mutual relations.
Minister of Finance meets with US Secretary of the Treasury to discuss steps achieved in implementation of the Egyptian economic reform program.
Minister of Finance takes part in the annual meetings of the IMF Financial Committee chaired by Ms. Christine Lagarde.
Minister of Finance attends the G7 ministerial meeting and holds meetings with investment banks to investigate new investment opportunities.
In the sidelines of the IMF and WB Spring meetings, Minister of Finance, Mr. Amr Al-Garhy held intensive and consecutive meetings with a number of businessmen, investment banks and Arab, European & African ministers of finance.
Mr. Al-Garhy stressed the government's intention to move forward in carrying out an integrated program of economic reforms that aims to tackle financial and monetary deficiencies as well asmain structural problems.
He pointed out such reforms should boost growth and employment rates alike, improve public service quality, enhance social protection programs and achieve a medium-term financial and monetary stability.
Throughout the present FY, the first phase of the reform program had been successfully completed andmany financial, monetary and structural reforms had been implemented, Mr. Al-Garhy announced.
He also noted that economic and financial indicators over the last period emphasized the regain of trust in the Egyptian economy,and the government's capability in achieving targets of the economic reform program and in opening new venues for the Egyptian economy in the upcoming period.
Moreover, in the proceedings of the annual meetings of the IMF and WB, Mr. Al-Garhy held discussion panels with representatives from the French investment bank BNP Paribas, BCIU and major investment companies.
In his word as a main spokesperson, he illustrated the steps taken to successfully complete the first phase of the economic reform program, namely: liberating the Egyptian exchange rate, issuing the Value Added Tax and Tax Dispute Settlement Laws, carrying out the 2nd phase of electricity subsidy reduction, moving prices of oil byproducts, controlling and reprioritizing public expenditure, issuing the new Civil Service Law and curbing the increased payroll limits. He also noted that next phase would target decreasing deficit and debt rates, boosting growth rates and providing real job opportunities for youth.
On another part, Mr. Al-Garhy illustrated, during his intensive meetings with the Saudi Minister of Finance and the US Secretary of Treasury, the outline of the Egyptian economic reform plan, pinpointing Egypt's eagerness to cooperate with its partners to achieve sustainable development. On their part, they confirmed their support and cooperation with Egypt to guarantee the success of the Egyptian economic program given the pivotal and vital role of Egypt in the Arab region in achieving peace and stability in the Middle East.
Moreover,Mr. Al-Garhy took part in the IMF's main financial policies committee chaired byMs. Christine Lagarde. Main points discussed were the significant internationaldevelopments, current challenges encountered by the international trade and opportunities of promoting international economy. He alsoparticipated in the ministerial meeting of the G7 and held meetings with investment banks to highlight investment opportunities abound in Egypt.
Mr. Al-Garhy's meeting agenda in Washington also included meetings with banks and US&European mutual funds, where he demonstrated features of the economic reform program and means of supporting cooperation with the international financial institutions to meet the investment needs required for financing the Egyptian economic reform program.