IMF Managing Director Lagarde issues statement on Egypt's economic reform programme

Ahram Online , Friday 25 Jan 2019

'IMF staff team has finalized details required to present 4th review for Egypt’s Extended Fund Facility arrangement to the IMF’s Executive Board. I will recommend that the Board approve the review,' Christine Lagarde said

Christine Lagarde
International Monetary Fund Managing Director Christine Lagarde looks on during an IMF conference in Jakarta, Indonesia February 27, 2018. REUTERS

Managing Director of the International Monetary Fund (IMF) Christine Lagarde issued a statement Friday on the progress of Egypt's economic reform program..


Below is the full text of the statement

“The Egyptian authorities embarked on an ambitious economic reform program in 2016 that is being supported by an IMF financial arrangement."

"Since then, Egypt has made substantial progress as evident in the success achieved in macroeconomic stabilization. Its growth rate is now among the highest in the region, the budget deficit is on a declining trajectory, and inflation is on track to reach the Central Bank of Egypt’s target by the end of 2019.

"Unemployment has declined to around 10 percent, which is the lowest since 2011, and social protection measures have been expanded.

“It is important to build on the progress achieved thus far and to press ahead with structural reforms that facilitate private sector-led growth and job creation, as well as measures to increase transparency and accountability that help improve governance. This will help attain higher and more inclusive growth and will ensure better living standards for all Egyptians.

“The IMF staff team has now finalized the details required to present the fourth review for Egypt’s Extended Fund Facility arrangement to the IMF’s Executive Board. The Board will meet in the coming weeks to discuss the review and I will recommend that the Board approve the review.

“I would like to take this opportunity to commend the patience and commitment of the Egyptian people to the reform process. This will pave the way for higher and more inclusive growth for the long term, and I reiterate that the Fund stands ready to help achieve a more prosperous future for Egypt.”

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