Ahmed Abu Zeid, the spokesperson of Egypt’s Foreign Ministry, has welcomed the US State Department spokesperson regarding the US support to Egypt’s economic reform ahead of the IMF loan, according to Al-Shorouk.
Egypt’s FM spokesperson stressed that this reflects the strong relations between the US and Egypt as well as the US awareness of supporting Egypt’s economic stability and empowering the Egyptian government to face the challenges related to the economic program adopted by Egypt, including encouraging the flow of foreign investment to Egypt the coming period, said Ahmed Abu Zeid.
US Secretary of State John Kerry has expressed Washington’s support of an economic reform program Egypt is adopting that includes a $12 billion loan package from the International Monetary Fund (IMF), the Egyptian foreign ministry said.
The IMF has agreed in principle to grant Egypt a three-year loan facility to support a government reform programme aimed at mending the country’s ailing economy.
During a phone conversation with Egyptian counterpart Sameh Shoukry, Kerry “welcomed the recently-signed [tentative] deal between the Egyptian government and the IMF, stressing that the US supports such an important step on the path of economic reform in Egypt,” the ministry said in a statement.
In a Press release, US secretary of state spokesperson said that Washington supports Egypt in implementing the economic reforms program in the coming years, clarifying that the IMF deal will enable Egypt to achieve economic stability, enhance growth, attract foreign investment, and create job opportunities for the Egyptian welfare.
He also added that the despite the difficulty in adopting these reforms but they are essential to activate the Egyptian market, encourage the economic growth and achieve prosperity.
The United States provides Egypt with $1.3 billion in military aid annually, with the 2016 package including $150 million in economic assistance.
Recently, Egypt received in May an initial shipment of 762 mine-resistant, ambush protected (MRAP) vehicles from the United States, which will be used in army operations in North Sinai.
Despite Washington’s military and economic support to the al-Sisi regime that infers how strong the strategic relations between both countries are, Egypt’s state-owned media, indirectly led by the military according to well-known media leaks, always accuse the US of plotting conspiracies against the country.