Christine Lagarde, the International Monetary Fund (IMF)’s Managing Director, praised Egypt's economy saying it was showing ‘strong signs of recovery’ under a three-year reform plan.
The IMF Managing Director Christine Lagarde has praised Egypt's economy under a three-year reform plan and stressed the importance of structural reforms to achieve more sustainable development.
In a statement, Lagarde said that Egypt’s economic reforms will help achieve more sustainable, inclusive and private-sector led growth which will help create jobs for youths while ensuring adequate resources are available for social protection.
Egypt has implemented tough reforms under a $12 billion loan programme agreed in late 2016 that involved deep cuts to energy subsidies, new taxes, and a floated currency in a bid to draw back investors.
The IMF managing director reiterated the fund’s commitment to support Egypt’s economy.
Egypt raised fuel and electricity prices in June as part of the reforms agreed under the IMF plan in measures that had made it harder for ordinary Egyptians to make ends meet. Another fuel price rise is scheduled for next year.