By: Ibrahim Eldeeb and Nawal Sayed
Egyptian cabinet members reviewed
Wednesday a report issued by the finance minister on the efforts of the
existing cooperation with the International Monetary Fund (IMF) in light of the
decision of the Board of Directors of the Fund to approve the disbursement of
the fifth tranche of the $2 billion loan.
During the meeting, chaired by
Prime Minister Moustafa Madbouli, Minister of Finance Mohamed Maeit pointed out
to the IMF's final report which includes latest economic and financial
developments in Egypt until the end of Dec. 2018.
IMF's Director Christine Lagarde
emphasized the significant improvement in economic conditions in Egypt, the
government's commitment to achieving all financial and monetary targets and the
measures included in the economic reform program with the Fund.
Maeit also referred to Lagarde's
positive comments on the Egyptian economic situation.
"She praised the Egyptian economic reform
program in a statement issued at the end of Jan. 2019," Maeit added.
"She stressed that Egypt has achieved remarkable progress in terms of
macroeconomic stability."
Egypt's current growth rate is the
highest in the region. Inflation rate is under control and this will help the
central bank meet its targets by the end of 2019. Unemployment will fall to
10%, its lowest level since 2011, according the finance minister.
On his part, Madbouli stressed
that the government is capable of achieving structural reforms that will
empower the private sector and boost its role in creating jobs.
The premier noted that the latest
meeting with President Abdel Fattah El Sisi witnessed many positive indications
such as the reduction of the unemployment rate at the Q4 in 2018 to reach 8.9
percent, compared to 9.9 percent in the same period last year.
Moreover, Medbouli urged the
launching of the marketing and operation of factories and workshops,
established within the initiative of Sisi to build 4500 factories in order to
support young people and small producers and manufacturers.
He also instructed the concerned
apparatuses to work on investing the recent visit by the German Minister of
Economy and Energy and representatives of 40 German companies to conclude
agreements with German companies and increase their investments in Egypt.
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