Egypt’s shored-up FX reserves have helped the economy absorb the effects of external shocks, IMF Mission Chief for Egypt Subir Lall said in remarks to MENA carried by Al Ahram. Tough global financial conditions have had a relatively muted effect on Egypt in comparison to other countries, particularly emerging markets, as Egypt has been working on improving its monetary policy and overall economic conditions, Lall said. Lall continued to sing the praises of the Ismail government’s economic reform program, saying that rising growth, dropping unemployment rates and other key metrics are clear signs of improvement. He also said that reforms will continue bearing fruit by bringing down inflation and debt levels, reducing Egypt’s current account deficit, and accelerating economic growth. Egypt’s net foreign reserves grew to USD 44.03 bn in April, marking an all-time high.

Meanwhile: Egypt’s M2 money supply grew at a rate of 21.36% y-o-y in April to reach EGP 3.38 tn (USD 189.36 bn), the central bank announced on Thursday, Reuters reports.