imf praises egypt for bold economic reforms
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

IMF praises Egypt for 'bold' economic reforms

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleIMF praises Egypt for 'bold' economic reforms

Subir Lall
Cairo - AFP

The International Monetary Fund on Tuesday expressed satisfaction over the Egyptian government's "bold" economic reforms, as it prepares to release the third tranche of a $12-billion loan to the country.

In order to obtain the IMF's approval for the loan in November, Cairo has implemented a set of drastic reforms, adopting a value-added tax, cutting energy subsidies and floating the pound.

Subir Lall, the head of the IMF mission for the country, commended Egypt for the measures, which the fund is evaluating along with their effects as part of the three-year programme.

"The measures that have been taken by the authorities were bold, and we agree that they were necessary to reverse the build-up of imbalances that were hindering higher growth and job creation," Lall told reporters in an online briefing.

On Tuesday, the IMF released a report reviewing the programme, saying "Egypt's reform programme is off to a good start".

The rate of inflation in Egypt spiked after authorities implemented the set of drastic measures.

Lall said inflation, which stood at 33.2 percent on-year in August, was expected to drop to single digits by 2019.

In July, the IMF approved the second tranche of the loan, worth $1.25 billion, which followed the disbursement of a $2.75 billion tranche in November 2016.

"In terms of the third disbursement: that would follow after the second review of the programme, which is expected to be completed by the IMF executive board by the end of December," Lall said.

Since the 2011 revolt toppled former president Hosni Mubarak, the economy of Arab world's most populous country has received multiple shocks caused by political instability and security issues.

source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf praises egypt for bold economic reforms imf praises egypt for bold economic reforms

 



Themuslimchronicle, themuslimchronicle

GMT 08:26 2018 Tuesday ,23 January

Five things to know about Davos

GMT 21:30 2017 Wednesday ,01 November

New York Times’ third-quarter revenue up 6.1%

GMT 11:09 2017 Friday ,24 November

Berlin police seeking more missing John Lennon items

GMT 06:34 2017 Saturday ,09 December

Rockets down Jazz for eighth straight NBA win

GMT 23:25 2017 Thursday ,16 February

Pakistan adds 16 new fighter jets to its fleet

GMT 10:50 2018 Tuesday ,23 January

Saudi university to open driving school for women

GMT 03:31 2017 Saturday ,07 January

Sharjah launches award for refugee support

GMT 21:54 2016 Wednesday ,01 June

December 21 - January 18

GMT 16:05 2017 Monday ,24 April

Sharapova's return divides rivals

GMT 13:50 2012 Sunday ,22 January

Egyptians can now remove any regime

GMT 07:26 2017 Sunday ,23 July

70 villagers kidnapped in Afghanistan
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle