AmCham Egypt Inc. together with the U.S. Egypt Business Council hosted a special meeting with Mr. Chris Jarvis, IMF Mission Chief for Egypt. During the meeting, Mr. Jarvis updated members on the latest IMF recommendations shared with the Egyptian government for restoring economic stability in Egypt.

This meeting came a month following the recent decision to float the Egyptian Pound, a long-awaited necessary measure. Members discussed the anticipated impact of the floatation in the short as well as the long term. Mr. Jarvis mentioned that Egypt faces three interlinked problems; an urgent balance of payments problem, rising public debt, as well as low growth and high unemployment. With help from the IMF, Egypt has designed a reform plan to address these problems, which affect Egyptians every day, especially the most vulnerable in society.

The goal is to help people through the difficult economic transition and give people a shared stake in Egypt’s future. Mr. Jarvis expressed his overall optimism regarding the economy.