Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

IMF Director Recommends Approval of Economic Program 4th Review


Sat 26 Jan 2019 | 09:12 AM
Taarek Refaat

By: Taarek Refaat

CAIRO, Jan. 26 (SEE)- Managing Director of the International Monetary Fund (IMF) Christine Lagarde said on Friday that she recommends the approval of the fourth review concerning the performance of the Egyptian economy under the Extended Fund Facility (EFF) agreement.

According to Lagarde, the Council will hold a meeting in the next few weeks to discuss the review. "I will recommend its approval to the Council," she said.

Lagarde added that the Egyptian government began, in 2016, implementing a successful economic reform program under a financial agreement and since then it has made great progress in macroeconomic stability.

"Egypt has one of the highest growth rates in the region, and the budget deficit is witnessing a downward trend," she said, adding that inflation is on the path to reach the central bank's target by the end of 2019.

"Unemployment has also fallen to almost 10 percent, the lowest rate since 2011, and social cohesion measures are being implemented quite successfully," she noted.

"I take this opportunity to praise the commitment of the Egyptians towards the reform program, which will pave the way for higher and more sustained growth," Lagarde concluded.