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Statement by G-7 Finance Ministers on Egypt(November 9, 2016)

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We commend the Egyptian authorities’ determination to implement a comprehensive economic reform package to restore macroeconomic stability and growth. Specifically, we welcome the measures taken by the Egyptian authorities to improve the functioning of the foreign exchange market and reform energy subsidies.

Recognizing this progress, we look forward to a positive consideration by the IMF Executive Board of the IMF’s financial arrangement with Egypt to advance the authorities’ reform implementation.

For years the G-7 countries have provided substantial assistance to Egypt for its economic development. We will continue to do so, including in the context of the IMF-supported program. We welcome assistance from all members of the international community.

We are confident that, with the support of the international community, the Egyptian authorities will attain their reform goals, and encourage them to move forward in parallel with an agenda of reforms more broadly.