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International Monetary Fund calls on Egypt to benefit from global growth
07/5/2018 12:00 am [rtl]CAIRO (Reuters) Egypt will have to boost its fund-backed reforms and encourage more private sector growth if it wants to capitalize on a global growth spurt that may soon end, an IMF official said. Speaking to government officials as part of an IMF visit to review Egypt's reform program, David Lipton, Senior Deputy Director-General of IFAD, praised the country's progress, but said that "expanding and strengthening the reform agenda" is essential to benefit from favorable global conditions. "It is time to benefit from the difficult macroeconomic stability, push for job creation and raise living standards through sustained growth," he said in a statement. He described strong global growth, which is expected to reach 3.9 percent in 2018 and 2019, and low interest rates that are likely to rise as "a good opportunity for Egypt to undertake reforms that may not be available for a long time." Cairo's harsh measures included a liberalization of the exchange rate that led to the pound losing half of its value, a significant reduction in fuel and electricity subsidies and a new value-added tax. The measures helped lift inflation in the country, which relies on imports, to 33 percent last year. But rising prices have since ebbed, with core inflation hitting 13.3 percent in March, the lowest level since May 2016, opening up further cuts in subsidies and interest rates.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=156689 [/rtl] |
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