Mahmoud Mohieldin, the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, stated that it is time for Egypt to take an economic path different from the International Monetary Fund (IMF), explaining that the Egyptian economy has been operating under a crisis management framework over the past ten years.

Mohieldin added during his interview with Al Arabiya Business Channel that it is time “to rebel against this restrictive management,” noting that such management was necessary at a certain time due to some financial and monetary imbalances the country experienced during 2015 and 2016, followed by various shocks and setbacks, some caused by external factors and others by local economic management failures.

He praised the announcement by Prime Minister Mostafa Madbouly of a new economic program, saying: “It is time for Egypt to adopt a completely different approach, away from the previous IMF-related situation,” shifting from a program focused on correcting financial and monetary imbalances to one aimed at economic growth, competitiveness, increasing growth and investment, restoring normal economic management, empowering the middle class, addressing sustainable development challenges, and tackling income distribution and extreme poverty issues that the IMF program did not address.

Mohieldin said that thanks to the excellent work of the Central Bank under Governor Hassan Abdalla, the black market dollar crisis has ended. Regarding the primary surplus indicator, which is not of concern to the general public but matters to finance ministers, that crisis has been resolved according to statements by Finance Minister Ahmed Kouchouk, whom Mohieldin considers the best to hold this position.

The budget for the fiscal year 2024/2025 achieved a historic primary surplus of 3.6% of GDP, amounting to 629 billion Egyptian pounds compared to 350 billion pounds in the previous fiscal year.

Regarding whether the Egyptian economy meets the demands of the general public, Mohieldin believes that the Egyptian economy’s constant GDP indicator has not changed from its course since 2015-2016, remaining at around 480 billion dollars, the same level as now.

As for the economic growth rate indicator at market prices, which is used by the IMF, the Egyptian economy today at market prices is valued at 350 billion dollars, representing only 0.3% of the global economy, despite the country’s population accounting for 1.3% of the world population.