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Wednesday, 08 April 2020

Egypt talking to IMF about technical assistance: Central bank

Governor Tarek Amer says the assistance is meant to help slash red tape to improve the investment climate

Reuters , Wednesday 12 Feb 2020
Tarek Amer (Reuters)
File Photo: Egypt's Central Bank Governor Tarek Amer (Photo: reuters)
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Egypt is in talks with the International Monetary Fund (IMF) about technical assistance on non-financial structural reforms, the central bank governor said on Tuesday.

Egypt signed a three-year, $12 billion Extended Fund Facility in November 2016 after allowing its currency to weaken sharply, implementing a valued-added tax and raising fuel prices to reduce its balance of payments budget and deficits.

Governor Tarek Amer told an energy conference in Cairo that Egypt wanted to cut down on bureaucracy to improve the investment climate, adding that discussions with the Washington-based IMF fund were ongoing.

He also said the priority was to grow the economy to create jobs, saying there was “still growth to go” for the country’s economy, but he gave no forecast.

Egypt’s economy is expected to grow 5.9% in the year ending in June, the IMF said in October.

Egypt’s population hit 100 million on Tuesday, the statistics agency said, putting pressure on resources and infrastructure.

The workforce will reach 80 million within 10 years, according to the World Bank.

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