U.S. Chamber of Commerce Encouraged by IMF Loan to Egypt

Tuesday, November 15, 2016 - 10:30am

WASHINGTON, D.C. — U.S. Chamber of Commerce Executive Vice President and Head of International Affairs Myron Brilliant issued the following statement today on the International Monetary Fund’s (IMF) $12 billion loan to Egypt that will support the Egyptian government’s comprehensive economic reform plan:

“The IMF’s loan signals an important step toward restoring economic stability and transitioning to a market economy in Egypt. Implementing the agreed reforms will attract private sector investment, increase productivity, and foster economic growth. The U.S. Chamber is encouraged by the government’s reforms and looks forward to continuing our longstanding partnership with Egypt,” said Myron Brilliant, executive vice president and head of International Affairs for the U.S. Chamber. 

In August, the U.S.-Egypt Business Council, an affiliate of the U.S. Chamber, sent a letter to Christine Lagarde, Managing Director of the IMF, expressing support of the initial agreement between the IMF and the Egyptian government. PDF iconClick here to read the letter.

The U.S.-Egypt Business Council is the only American organization focused solely on strengthening the critical bilateral economic relationship between the U.S. and Egypt. The U.S.-Egypt Business Council completed its most recent business mission to Egypt in October with more than 50 companies and 130 business executives.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 70 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.