IBRD pledges to boost Egypt modernization programme
Egypt, Economics, 2/2/2002

Egyptian Prime Minister Atef Ebeid held talks Thursday with the International Bank for Reconstruction and Development (IBRD) mission currently visiting Cairo.

In the session of talks, the Premier expounded on the steps taken as regards economic reform in Egypt and set the priorities to which the government is committed in the upcoming stage:

continuing the economic reform policy, working on cushioning the effects of the September 11 incidents, providing job opportunities and improving the public services.

Ebeid referred to the importance of IBRD's role in implementing the Egyptian programmes to modernize the state in all sectors and develop human skills in Egypt.

The IBRD is not just a lending institution but it also plays a major role in the comprehensive process of modernization President Hosni Mubarak referred to in preparation for implementation of the Egyptian-EU association agreement, said Ebeid.

On her part, Minister of State for Foreign Affairs Fayza Abul-Naga said Ebeid stressed Egypt's commitment to the modernization programme despite the economic hardships that resulted from the September 11 incidents in the United States and the dlrs 2.5-billion gap in the foreign exchange resources.

She added that the issue of this gap will be discussed in detail at the donors conference in Sharm El-Sheikh next week.

The Chief of the IBRD mission expressed support for Egypt's modernization efforts, particularly in the fields of education, health and irrigation, adding IBRD is placing its technical experience at Egypt's disposal.

Abul Naga said later in the day following a meeting with the IBRD mission that the delegation voiced support to Egypt's demands at the conference of donor countries to be held next week.

"The Egyptian side explained to the delegation that due to a 2.5 billion dollar deficit in the balance of payments, we need to redress this imbalance in the very short run, i.e. in weeks or a few months, "she added.

The Minister described the World Bank as a key partner to the organization of the Sharm conference.

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