Last Update 20:15
Saturday, 24 October 2020

IMF to assess Egypt's economy in November: Finance minister

Egypt hopes IMF assessment will encourage international investors ahead of February's economic summit

Ahram Online, Sunday 12 Oct 2014
Finance Minister Hany Kadry
Finance Minister Hany Kadry (Photo: Al-Ahram)
Share/Bookmark
Views: 1794
Share/Bookmark
Views: 1794

Egypt's "article IV" consultations with the International Monetary Fund will take place in November, Finance Minister Hany Kadry Demian said on Sunday.

In September, the government asked the IMF to conduct an assessment of Egypt's economy in hopes that its report would bolster the country ahead of an international economic summit scheduled for February of next year.

The summit will encourage international companies and organisations to invest in the country and contribute to its development.

The IMF's managing director, Christine Lagarde, told London-based newspaper Asharq Al-Awsat last week that the IMF will participate in the summit, which was first called for by Saudi Arabia following Egyptian President Abdel-Fattah El-Sisi's election last June.

The government has since embarked on a series of structural reforms, including subsidy cuts that the fund has previously strongly urged.

Lagarde described the "recent reform efforts" as "encouraging" and expressed her hope that participants in the upcoming summit will see how these reforms can "help restore durable economic stability and sustainable growth to Egypt."

The IMF has advised Egyptian authorities on tax policy and value-added tax (VAT) reform, she added.

Egypt's government will present 15 mega-projects worth $100 billion to international investors during the summit, Supply Minister Khaled Hanafy told Al-Ahram's daily Arabic newspaper earlier this month.

Egypt's economy is estimated to grow by 3.5 percent in the fiscal year 2014/15*, Demian said in Sunday's statement.

*The original version of this article attributed the 3.5 percent growth to FY2013/2014. Corrected on 15/10/2014.

Short link:

 

Latest

© 2010 Ahram Online.