IMF Deputy Managing Director Nigel Clarke Commends Egypt’s Economic Reforms During Visit

CAIRO, Egypt — On May 19, 2025, International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke met with Egyptian Prime Minister Mostafa Madbouly to reaffirm the IMF’s commitment to supporting Egypt’s ongoing economic reforms. Clarke praised the Egyptian government’s efforts in implementing bold policy measures aimed at stabilizing the economy and fostering private sector-led growth.

During the meeting, Clarke highlighted the tangible progress Egypt has made in its macroeconomic reform program, noting significant declines in inflation and unemployment rates, as well as increased foreign exchange reserves and GDP growth. He attributed these positive outcomes to the government’s decisive actions, including the adoption of a flexible exchange rate system and a balanced monetary policy.

It was a pleasure to meet with H.E. Prime Minister of Egypt, Mostafa Madbouly, to reiterate the IMF’s, @IMFNews, strong commitment to support Egypt and its people in strengthening the resilience of the economy and achieving higher, and private sector-led growth. pic.twitter.com/8pyqHAgGWT

— Nigel Clarke (@NigelClarkeJa) May 19, 2025

Clarke also emphasized the importance of the social dimension in Egypt’s reform agenda, acknowledging efforts to provide support for the most vulnerable groups in society. He reiterated the IMF’s appreciation for its extended partnership with Egypt and affirmed the Fund’s continued support for the country’s economic reform program.

The meeting comes as the IMF conducts its fifth review of Egypt’s $8 billion economic reform program, which began in 2022. The review is expected to conclude by the end of June 2025.

Egypt’s economy has shown resilience amid global economic challenges, achieving a real growth rate of 3.9% in the first half of the current fiscal year. Private sector investment rose by 80%, and foreign direct investment increased by approximately 17% during the period from July to December 2024.

Clarke’s visit underscores the IMF’s commitment to supporting Egypt’s efforts to build a prosperous future for its citizens through sustained economic reforms and private sector development.

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