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Wednesday, 3 April 2019

IMF sings the praises of Egypt, stresses private sector development

An IMF delegation will arrive in May to give us our final report card: An International Monetary Fund (IMF) delegation will be in town this May to conduct its final review of the Sisi administration’s reform program ahead of the disbursement of the sixth and final tranche of a USD 12 bn extended funds facility, the IMF’s Egypt Mission Chief and Assistant Director for Middle East and Central Asia Department Subir Lall told reporters accompanying AmCham’s Doorknock lobbying tour of Washington, DC.

The IMF believes the economic reform program in Egypt is going well as indicators including growth and unemployment improve and public debt continues on a downward trajectory. “Continued strong macroeconomic policy should help reduce inflation further and create fiscal room for social policies that effectively target the most needy and greater investment in health, education and infrastructure that will benefit the entire population,” Lall said.

Private sector is the focus now: The reforms were designed to support private sector development to spur inclusive growth, Lall said. Sustaining reforms including the competition policy, public procurement, the management of state-owned enterprises and industrial land allocation is essential “to reduce opportunities for rent seeking and to support strong and inclusive medium-term growth and job creation.”

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