IMF hails cooperation with Egypt in reform program
Saturday، 13 April 2019 - 12:44 PM
Director of the International Monetary Fund's (IMF) Middle East and Central Asia department Jihad Azour stressed the importance of the fund's cooperation with Egypt, expecting that the Egyptian economy would continue to grow in the coming period.
Addressing the Spring Meetings of the Boards of Governors of the World Bank Group (WBG) and IMF on Friday, Azour said the Egyptian economy recorded a noticeable improvement over the past two years, which reflected on the growth rate and rates of inflation and unemployment.
The fifth review of its $12-billion loan under the Extended Fund Facility (EFF) for Egypt will be in June as Egypt will receive the latest tranche worth $2 billion, the IMF official noted.
The coming review will no cover taxes in Egypt, said the IMF official, adding that it will instead focus on some structural reforms that will help the national economy achieve lower deficit and employment rates.