- Egypt has to implement reform remedies to support financial, economic, and social stability.

- Our negotiations with the IMF are continuous, and the review of the reform program macroeconomic frame is concluded in accordance with the community dialog.

- The European ambassador in Cairo asserts the fully support of European Union to Egypt in order to confronting its critical circumstances.

- It is agreed to support the development of government financial management and to introduce an expenditure subsequent audit system.

Dr. Al Morsy Hegazy, Minister of Finance confirmed that Egypt has to apply integrated economic and social procedures, supporting medium and long term economic, financial and social stability. He also noted that increasing investments is the most important pillar to achieve growth and employment rates targeted by the government.

He said that the negotiations between Egypt and the IMF are continuous, as the MoF is working to finalize the review of the reform program macroeconomic frame in light of the latest changes and the amendments to some components of the reform program, resulting from community dialog, such amendments were presented by the government in November 2012.

Yesterday, during the meeting comprised the Minister and the European Union delegation headed by James Moran, European Union ambassador in Cairo, the parties discussed two important portfolios: the first is the economic situation in Egypt and the government trends with regard to finishing the economic and social reform program with IMF, the second deals with bilateral cooperation programs between Egypt and the European Union in relation to the implemented projects in the Ministry of Finance, both of Mr. Hany Kadry, the deputy to the Minister of Finance, and Dr. Abdullah Shehata, advisor to the Minister of finance for economic affairs, attended the meeting.

The Minister of Finance declared that Egypt has various investment opportunities, both in huge projects such as Suez Canal development or South Valley development and other major projects or relatively smaller ones, which are included in the PPP program, as the government is going to offer  a number of PPP major projects such as the expansion and development of Safaga industrial port, and the development of the Technological Area in Maadi, in addition to the development of a number of hospitals, sewage & water plants and the projects of  solid wastes recycling to produce energy.

The European official confirmed the fully support of the European Union and its members to Egypt in this critical phase, Egypt witnessing, indicating that negotiations started again between Egypt and the IMF should be a strong message proving that Egypt currently witnesses economic stability, so it will attract more investments, also he demonstrated the importance of the political leadership support to economic reform programs in the way to achieve stability.

With reference to the portfolio of technical support provided to the MoF, the Minister noted that the MoF asked the European part for supporting the development of government financial management and to introduce an expenditure subsequent audit system, similar to other government financial institutions in great countries, provided that such experience should be extended to all the Ministry’s budget units and to other public authorities during a period of time will be specified later.

The Minister indicated to the agreement with the European part supporting this project.