Washington praises Egypt's new economic measures

Ahram Online , Sunday 6 Nov 2016

File photo of US Secretary of State John Kerry (Photo: Reuters)

US Secretary of State John Kerry has commended Egypt for undertaking economic reforms last week, calling them "important steps" to stabilize an economy hit by years of political turmoil.

Egypt floated its currency on Thursday and later announced cuts to oil subsidies, increasing fuel prices by 30-47 percent.

Kerry said on Saturday that the recent measures "demonstrate a determination to put the country on the path to economic recovery."

"The task before them is a challenging one, but ‎it is encouraging that Egyptian leaders are making the difficult decisions needed to move their country towards prosperity," Kerry added in a statement published on the official website of the State Department.

Egypt has struggled to draw dollars and revive the economy since the 2011 uprising, which drove off tourists and foreign investors, two major sources of foreign currency.

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