International Monetary Fund Managing Director Christine Lagarde has told new Egyptian President Mohamed Morsi that the world functional body is ready to support Egypt.

Lagarde called Morsi on Thursday to congratulate him on his election as president of Egypt, which represents an important step forward in Egypts transition, said the IMF.

“They discussed Egypt’s economic situation and how best the IMF could help in the period ahead. The MD reiterated that the IMF stands ready to support Egypt and looks forward to working closely with the authorities,” an IMF spokeswoman said.