John Lipksy, the Acting Managing Director of the International Monetary Fund, made the following statement today on Egypt, following the staff-level agreement with the Egyptian authorities on a 12-month Stand-By Arrangement:

"I welcome the commitment of the Egyptian authorities to lasting change and structural reform at this historic moment for the country. We are optimistic that the program’s objectives of promoting social justice, fostering recovery, and maintaining macroeconomic stability and generating jobs will bring positive results for the Egyptian people. I look forward to recommending it to the IMF’s Executive Board next month.

'At the recent Group of Eight meeting in Deauville, I reaffirmed that the IMF could make available as much as $35 billion in financial assistance to the region in the years ahead as part of a broad international effort. Our agreement with Egypt is a further step toward providing this aid. We will continue to work actively with countries in the region—in partnership with others—to address short-term needs and develop the strategies necessary for medium-term success of their transition to free and democratic societies."