Christine Lagarde, Director of International Monetary Fund praised Egypt's economy, explaining it "shows strong signs of recovery under a three-year reform plan", stressing on "the importance of structural reforms to achieve more sustainable development."
Egypt has implemented tough reforms under a loan program agreed in late 2016, which involved a significant reduction in energy subsidies, new taxes and liberalization of the pound exchange rate in efforts to attract displaced investors following the 2011 revolution.
Mrs. Lagarde met in New York with Abdel Fattah al-Sissi, President of Egypt, during which she pointed out "IMF is still committed to support Egypt, which is showing strong signs of recovery and registering the highest economic growth rate among the Middle East."
Mrs. Lagarde agreed with President Sissi on the importance of investing in macroeconomic gains to support structural reforms set by the authorities. She stated, "Reforms will contribute to achieving sustainable and inclusive growth led by the private sector, as well as result in jobs creation for youth in Egypt and help in ensuring adequate resources for social protection."
Source: (Al-Sharq Al-Awsat newspaper, Edited)
