The IMF says it is working with the Ismail government and the Central Bank of Egypt to “bring inflation under control and supports the steps the Egyptian authorities are taking to protect its poorest and most vulnerable citizens,” the Fund said in a statement following Managing Director Christine Lagarde’s meeting with President Abdel Fattah El Sisi last week. “Egypt is implementing a strong economic reform program to help the economy return to its full potential, achieve more growth and create more jobs. We recognize the sacrifices made and the difficulties faced by many Egyptian citizens, especially due to high inflation.” Lagarde said. Bloomberg’s Tarek El Tablawy cited an Ittihadiya statement (pdf), that “underscored Egypt’s commitment to continuing cooperation with the IMF, particularly in the area of technical assistance.” El Sisi also noted the “patience” Egyptian have displayed so far despite the economic challenges. (Ittihadiya has also released a readout (pdf) of the president’s meeting with US Treasury Secretary Steven Mnuchin.)

CBE Governor Tarek Amer had earlier told Al Masry Al Youm that the central bank is closely following inflation rates and is pushing ahead with economic and fiscal reforms.

This comes as analysts taking part in FocusEconomics’ monthly Consensus Forecast for MENA (paywall) predict inflation will average 22.3% in 2017, raising their projection from 20.2% in last month’s report. The report expects inflation will drop significantly to 13.9% in 2018. “The Egyptian government continues to walk a tightrope as it attempts to reignite its economy and improve its external position while easing tensions among frustrated Egyptians, who have borne the brunt of the government’s measures,” according to a statement picked up by Daily News Egypt. Analysts have lowered their expectations for GDP growth in FY 2017 to 3.0% and forecast it to grow to 3.8% in FY 2018.