Sisi, IMF Managing Director review climate finance in developing countries

30 / 11 / 2023

By Marwa Nassar - -

Egyptian President Abdel Fattah El Sisi – during his visit to Dubai to attend COP28 – held talk in Dubai with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva on the issue of climate change and climate finance, notably in developing countries.

The talks also tackled the global economic situation and ongoing efforts to reform and enhance the international financing system and multilateral financial institutions, with a view to addressing the current escalating global challenges.

Spokesman for the Presidency, Counselor Ahmed Fahmy, said the meeting reviewed the various facets of cooperation between Egypt and the IMF, notably in light of the ongoing cooperation program to fully implement Egypt’s economic reforms. President El-Sisi expressed appreciation for the fruitful partnership between the two sides, and emphasized the Government of Egypt’s commitment to maintaining it, given the positive environment it fosters for all investors and global financial markets with regard to the Egyptian economy as well as the investment opportunities and broad prospects it provides.

This takes into account Egypt’s resolve to continue to enhance the structural reforms pertinent to the financial and monetary policies and to further boost the role of the private sector in development.

The IMF Managing Director confirmed the IMF’s mutual interest to further advance its outstanding cooperation with Egypt and its support for Egypt’s economic reforms.

Georgieva lauded the performance of the Egyptian economy as well as its resilience and steadfastness in the face of the negative repercussions of the COVID-19 pandemic, the Russian-Ukrainian crisis and the situation in Gaza.

She confirmed the IMF’s commitment to maintaining its joint cooperation with the government so as to realize Egypt’s national goals, including enhancing the overall economic indicators, bolstering its competitiveness, fostering deeper private sector engagement and completing the ongoing development efforts.