CAIRO: Former Prime Minister Hazem al-Beblawy told Youm7 Thursday that he will head to the U.S. early next week to take up his duties as the International Monetary Fund’s (IMF) Executive Manager.
Beblawy was elected by all Arab States represented in the IMF for this post Oct.15 during the IMF and World Bank fall meetings. He will succeed Egyptian Dr. Abel Ghafour Shaalan who held the post for 22 years.
It is expected that Beblawy would explain the economic vision of the Egyptian government to the IMF, as he was tasked to handle key economic challenges topped by the subsidy system reforms.
Egypt and the IMF have had a tense relationship since the January 25 Revolution, because of the international lender’s efforts to persuade Cairo to undertake economic reforms such as subsidy cuts and impose a value added tax.
This comes shortly a day after an IMF mission concluded a visit to Cairo for the 2014 Article IV consultation discussions Tuesday.
Head of the IMF mission Chris Jarvis stated Wednesday that “Egypt’s economy has begun to recover after four years of slow activity.”
“This is a moment of opportunity for Egypt….Equally important, there is growing national consensus on the need for economic reform,” he said.
The visit, which kicked off Nov.11, focused on economic and financial developments, the country’s outlook, and the authorities’ economic policies and reform plans.