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International Monetary Fund: Reforms in Egypt support sustainable development
25/9/2018 12:00 am [rtl] Cairo / Follow-up IMF Director Christine Lagarde praised Egypt's economy and said it showed strong signs of recovery under a three-year reform plan, stressing the importance of structural reforms to achieve more sustainable development. Under a loan program agreed in late 2016 that included a significant reduction in energy subsidies and new taxes and the liberalization of the pound exchange rate in an effort to attract investors who fled after the 2011 uprising. Financial markets are closely monitoring how the government complies with the terms of the loan to repay loan payments on time. With Egyptian President Abdel Fattah "Egypt's economy shows strong signs of recovery and the rate of economic growth is among the highest in the Middle East," Lagarde said in a statement issued on September 23. "These reforms will contribute to sustainable and inclusive growth led by the private sector, contribute to job creation for young people in Egypt and ensure adequate resources for social protection," she said. Egypt's inflation fell to its lowest level in two years in May after hitting a record high of over 33 percent in July 2017 following the liberalization of the pound exchange rate in November 2016. Core inflation in August was 8.83 percent, while cash reserves Foreign currency 44.419 billion Compared with 36.143 billion a year ago. Egypt has increased fuel and electricity prices in the framework of reforms agreed with the Fund, which has increased the difficulties faced by the Egyptian citizen to meet his needs, and is scheduled to raise fuel prices again next year. "These reforms will contribute to sustainable and inclusive growth led by the private sector, contribute to job creation for young people in Egypt and ensure adequate social protection resources," the statement said. Egypt's inflation rate fell to a two-year low in May after hitting record highs above 33 percent in July 2017 following the liberalization of the pound exchange rate in November 2016. The core inflation rate in August was 8.83 percent, while foreign exchange reserves stood at 44.419 billion dollars compared to 36.143 billion a year ago. Egypt increased fuel and electricity prices within the agreed reforms With them the box increased from Difficulties faced by the Egyptian citizen to meet his needs, is scheduled to raise fuel prices again next year. "These reforms will contribute to sustainable and inclusive growth led by the private sector, contribute to job creation for young people in Egypt and ensure adequate social protection resources," the statement said. Egypt's inflation rate fell to a two-year low in May after hitting record highs above 33 percent in July 2017 following the liberalization of the pound exchange rate in November 2016. The core inflation rate in August was 8.83 percent, while foreign exchange reserves stood at 44.419 billion dollars compared to 36.143 billion a year ago. Egypt increased fuel and electricity prices within the agreed reforms With them the box increased from Difficulties faced by the Egyptian citizen to meet his needs, is scheduled to raise fuel prices again next year.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=163638 [/rtl] |
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