The International Monetary Fund (IMF) appointed Uma Ramakrishnan as Mission Chief for Egypt, succeeding Subair Lall, in November 2019, coinciding with the end of Egypt’s three-year economic reform programme supported by the IMF Extended Fund Facility (EFF).
“The next Article IV consultation with Egypt will take place in 2020,” Ramakrishnan, who has been working at the IMF for more than 21 years, told Daily News Egypt in her first statement to the local press since assuming office.
Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. During those consultations, the IMF mission reviews the overall economic developments in the country, as well as its policy measures aimed at maintaining economic stability, ensuring a sustainable external balance, and further liberalising foreign trade.
“The exact timing and topics will be discussed and agreed with the authorities in the coming months,” Ramakrishnan mentioned.
The IMF’s executive board on 24 July 2019 completed the fifth and final review of Egypt’s economic reform programme supported by EFF. The completion of the review allowed the authorities to draw about $2bn, bringing total disbursements to about $11.9bn which is the full amount approved by the executive board on 11 November 2016.
The IMF will conduct the next Article IV consultation with Egypt in early 2020, the IMF said over the fifth review’s staff report released in October 2019, adding that the IMF technically supports a medium-term revenue strategy (MTRS) in Egypt to strengthen revenue mobilisation and create space to increase social spending.
Noteworthy, Ramakrishnan was previously Division Chief, Caribbean II Division, Mission Chief for Jamaica, Western Hemisphere Department from Jun 2015 to November 2019. Prior to this, she was Advisor, Western Hemisphere Department and Mission Chief for El Salvador & Deputy Senior Personnel Manager from Jun 2013 to May 2015.
From August 2010 to May 2013, Ramakrishnan was Deputy Division Chief, Emerging Markets Division at the IMF. From June 1998 to July 2010, Ramakrishnan was working as Senior Economist, Economist at Asia and Pacific Department, Strategy, Policy and Review Departments. Ramakrishnan studied international economics and holds a PhD from Georgetown University.